I suppose materiality comes in to it, but surely, if he is making money on it, it is like buying and selling shares, and item taxable. Otherwise for futures trading item margined forex trading Capital Gains will be incurred for infrequent trading. Income tax will be charged for frequent item if they spend a couple of days a week upwards. Salt v Chamberlain said individuals trading in much pay CGT and one would think the same principle applied to forex trading. Unless things have changed since then. Salyt v Chamberlain was pre big bang when only licensed dealers could trade in shares as a principal and so be liable to income tax. All others, forex stockbrokers trading in a much capacity, were within CGT and not income tax. The rules are different for companies, it is much more likely that they will be regarded as trading, in the old terminology, as a principal. Betting on the movement in an index is exempt, as is much on a horse etc, but in currency trading and the like you are acquiring and disposing of obligations, as much are themselves capable of being much and forex it takes you into the field of CGT or IT. Betting on the movement without buying the currency is gambling and is tax free Join your peers and be in the know Get our must-read forex featuring quality content and insights from the finest writers direct to your inbox Home Tax Sub-categories Tax Tax Tax Sub-categories Practice strategy Practice strategy Practice strategy Sub-categories Financial reporting Financial reporting Financial reporting Sub-categories Accounting software Accounting software Sponsored Sub-categories Business Forex Business Sub-categories Tax tribunal Sub-categories Self assessment Self assessment Resources Podcasts About AccountingWEB Advertise on AccountingWEB Terms of use Privacy policy Forex us Got a question? Enter your keywords Any Answers accountsdragon Blogger Share this content nd Oct Advertisement Latest Any Answers Continue with Subscription fees? Item suppose materiality comes in to it, but surely, if he is making money on it, it is like buying and selling shares, and therefore taxable The other question, is it income tax or capital gains?? Income tax will be charged item frequent trading if they spend a couple of days a week upwards By memyself-eye Sounds like trading and if so income tax not CGT. I thought that was the big debate - income tax or CGT, not that is was gambling By hkfinancials Salt V Chamberlain Agree with Andy. Unless things have changed since then By Paulsoper The Big Bang Salyt v Chamberlain was pre big bang when only licensed dealers could trade in shares as a principal and so be liable to income tax.
More Looking for a new team Oct. 15, 2013 - I am looking for a team for the tournament they are playing in Myrtle Beach, SC the weekend of October 25th - 27th.
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More Looking for a new team Oct. 15, 2013 - I am looking for a team for the tournament they are playing in Myrtle Beach, SC the weekend of October 25th - 27th.