Spread Betting and Capital Gains Tax
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The rise in Capital Gains Tax from 18% to 28% by the Liberal-Conservative government in the UK has created a surge in the amount of people moving into spread betting.
Capital Gains Tax applies to most forms of trading with the sole exception being financial spread betting.
The difference between this and other trading forms is that with spread betting you do not own the share or instrument, rather you speculate on the performance of the instrument. As a bet, any profit realised is not taxable under the current tax law*.
Even monies earned by contracts for difference are taxable under the new tax laws.
Paddypowertrader, has seen a lot of interest in new spread betting accounts since the new CGT rates have been mooted. The general markets volatility in the past month since the election on 6 May 2010 has led to a significant increase in clients looking to open accounts however more are transferring portfolio positions into spread betting because of the clear tax benefits, said Davin McAnaney, Paddypowertrader.
“Financial spread betting is a leveraged tool that gives investors the opportunity to trade and speculate in the direction of any financial instrument, whether it is specific shares, currencies, commodities or indices without ever owning them, ” commented Davin McAnaney.
“With CGT in the UK now closer to the rate for income tax we have seen, shrewd investors switching out of their CFD and share positions and placing the same trades on our spread trading platform. With so many novice spread bettors now moving into the market we recommend that reading blogs and articles on Financial Spread Betting will help them to develop better trading strategies.
We are keen to develop better trading habits among our clientele and developing knowledge online is one way of doing that.” said Davin McAnaney.
“Researching and informing yourself on the market conditions through blogging, tweeting or online tutorials seems to be among the most popular ways of growing profits in financial spread betting. This drive towards more education has helped us to develop tools. We are keen to help clients and those interested in financial spread betting to get better results,” McAnaney concluded.
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Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
Article provided / approved by paddypowertrader which is a trading name of London Capital Group Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 182110.
'Spread Betting and Capital Gains Tax' by paddypowertrader, updated 01-Jul-10
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