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Is binary options trading a legitimate income source

For that reason it is probably not wise when opening a spread betting account to put your job description down as ‘day trader’ or ‘trader’ as it would then be rather difficult to claim at a later date that trading was not your main income if the Inland Revenue was to query where you made your money! I actually spent ruddy ages trying to establish the position of spread betting with the revenue, and in the end it was pretty clear – perhaps this will ring true with those who have investigated this with the revenue themselves? HMRC can’t tax you on your spreadbetting activities. The vast majority who spreadbet, I would opine, do not do it for a living, and therefore they are completely safe from taxation. Those who do it for a living have enough cash to hire clever accountants who sort it all out for them. Nothing to stop a millionaire trader having a self-employed ‘subsistence income’ from a bit of consultancy work that he pays tax on.