Binary options traders

Binary options traders

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Does anyone have a client trading in binary options? As far as I can tell from reading about this it could be classed as gambling winnings and therefore not subject to tax, but has anyone had this challenged by HMRC?

Any help would be gratefully received, as I've not come across this before.

Thanks

Replies (4)

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By Alfie Bet
07th Oct 2013 15:18

Realistically...

... there are only two alternatives; either:

0. He knows his onions and he'll make money. That's trading and it's taxable.

1. She doesn't know her onions and she'll make losses. That's gambling and not taxable.

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By pembo
07th Oct 2013 15:25

not so sure

Unless this is his main or only source of income then unlikely HMRC would succeed in an argument that just because hes good at it its a trade. Remember the bookie always wins. Would have to be judged in the round depending on what else he does.

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By AndresMcCombs
22nd Dec 2015 11:07

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By jesse.cardona
02nd Aug 2016 13:43

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