Can someone explain this to me?

Xela said:
It depends how you use them. If you do spreadbetting via FXCM, that's tax-free in the UK, but if you trade spot forex with them (I appreciate that Dax isn't spot forex!), that certainly isn't.

I think the OP is in Canada ...
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Ahhhh, Capitals Gains is £10,000 or similar anyway, so tax free below that, likely nothing I have to worry about this year :(

I'm sure I'd forget to mention it to my tax man anyway :)
 
You know i dont why its so freakin goddamn hard to find a broker whose reputable, gives a good leverage power, and doesnt charge an exorbitant amount of fees. I guess trying to find one is living in fantasy land. Im just nervous about suretrader. They have so many rules that are in small print. They did however offer me 10,000 at 4.95 instead of the usual 1,000 shares
 
Turveyd said:
Ahhhh, Capitals Gains is £10,000 or similar anyway, so tax free below that, likely nothing I have to worry about this year :(

I'm sure I'd forget to mention it to my tax man anyway :)
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in the UK I think its best to avoid spreadbetting accounts if possible and just pay CGT. They are marketed as being tax free on profits, which sounds wonderful. Infact the tax is built into the increased spread which is present regardless of win or lose. So effectively a spreadbetting account has a built in betting tax. CGT is only payable on net profits after losses are deducted in the tax year.
 
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