[UK] Income declarations and TAX from Binary Options

sannyboysannyboy Posts: 2
Hi,

Does anyone have any resources that detail the best way to set up as a binary options trader in the UK. As briefly as I can, this is what I mean:

Is it wise to register as self employed, or is there any need to?
Has anyone set up a business, and traded as that business, so that the liability is not on an individual, and rather a company? Are there any benefits from this?
I have read that any financial gains made from trading binary options are not subject to tax in the UK as it falls into some sort of gambling regulations. If that is the case, does anything need to be declared to anyone... ever?!

Appreciate this wont be legal advice... just experiences from people based in the UK who are already making money from their trading.

Thank you

Comments

  • Henrik_RossiHenrik_Rossi Posts: 5 admin
    You are correct, profits from binary options are NOT subject to income tax in the UK. The reverse is also true - you cannot claim back losses on your tax return.

    Things start to get slightly more vague if you class binary options as your full time occupation, but at present binary options are treated the same as sports betting in terms of income tax - you do not need to declare it. This may change if regulation of binary options moves from the UK gambling Commission (where it is now) to the Financial Conduct Authority. binaryoptions.co.uk/uk-tax-binary-options
  • I have perused that any monetary profits produced using exchanging double alternatives are not expose to impose in the UK as it falls into a type of betting controls. On the off chance that that is the situation, does anything should be proclaimed to anybody... ever?!
  • Gook32Gook32 Posts: 60
    I find that income from BOs are somehow in the gray zone in the UK. If you are providing sort of advisory services with respect to trading BOs than your income is subject to taxation. So it all depends on tax context. It would be best to speak with local tax consultant on the topic
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