1 123abc Aug 19, 2018 #1 If I use a broker like IG Index in the UK to day trade using Contracts For Difference (CFDs), am I liable for Capital Gains Tax (CGT), or any other taxes? All CFD positions are closed at the end of each day.
If I use a broker like IG Index in the UK to day trade using Contracts For Difference (CFDs), am I liable for Capital Gains Tax (CGT), or any other taxes? All CFD positions are closed at the end of each day.
1 123abc Aug 20, 2018 #3 Visaria said: Yes on CFDs. Not on spreadbets. More... But how does the HMRC ever find out? Also, what is the tax? If I open and close two CFD trades intraday, where one gains £500 and the other loses £300, my profit for the day is £200. What is the tax on this? Last edited: Aug 20, 2018
Visaria said: Yes on CFDs. Not on spreadbets. More... But how does the HMRC ever find out? Also, what is the tax? If I open and close two CFD trades intraday, where one gains £500 and the other loses £300, my profit for the day is £200. What is the tax on this?
T tomorton Aug 20, 2018 #4 123abc said: But how does the HMRC ever find out? Also, what is the tax? If I open and close two CFD trades intraday, where one gains £500 and the other loses £300, my profit for the day is £200. What is the tax on this? More... I suppose HMRC send a letter to each CFD firm at the end of each tax year and ask who made a nice net profit, I think £11,700 is the CGT threshold.
123abc said: But how does the HMRC ever find out? Also, what is the tax? If I open and close two CFD trades intraday, where one gains £500 and the other loses £300, my profit for the day is £200. What is the tax on this? More... I suppose HMRC send a letter to each CFD firm at the end of each tax year and ask who made a nice net profit, I think £11,700 is the CGT threshold.
