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Taxes and Day Trading

Discussion in 'BlackHat Lounge' started by mungus, Jan 20, 2012.

  1. mungus

    mungus Regular Member

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    Just wondering guys and gals on here who play the stock markets, do you have to pay any kind of tax on earnings with regards to profit made from day trading? I'm thinking CGT was abolished but what about simple (or not so simple depending on whether you're a mathematical genius) income tax? i'M just talking about the UK here btw. PS Anyone watching the LSE today, fill your boots with LDP , looking to hit the 1p mark could be some serious millionaires made in the next week, I'm not ramping, read the news!
     
  2. DutchTrafficService

    DutchTrafficService Regular Member

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    Don't worry about taxes, daytraders don't make profits.

    Only short term profits - long term broke.
    Don't argue this either, statistics don't lie.
     
  3. marine584

    marine584 Registered Member

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    From what I know you will have to pay tax on your earnings. Still think capital gains tax applies. The only way around this is to do spread betting, which I believe is currently tax free.
     
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  4. badman2

    badman2 Registered Member

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    any money you may over your tax limit you have to pay taxes on. On a day to day basis it does not matter but when you declare it at the final tax month it will either be a hefty amount or nothing at all.
     
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  5. mungus

    mungus Regular Member

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    Thanks mate, I thought that would be the case, bastards always find a way to tax us. Spread betting;s too deadly for me, my blood pressure is already high enough on the occassional low risk trade I make as it is lol. CGT is hefty, I thought there was a way around it now cos I'm sure it was lowered/tapered in the late 90's but I can't really remember what I read I was only 16 haha, oh well ignorance is bliss I suppose, If it's at the 40% or so mark I thought it was then I'm stuffed, best move to Jersey/Thailand!
     
  6. mungus

    mungus Regular Member

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    True that, however I only play the market on occassion, I certainly wouldn't day trade on a "daily" basis as such if you catch my drift. I just feel it pays to keep an eye on the markets, I've got a pretty chunky credit limit on my trading account so when I spot an opportunity I occassionaly dive in for a quick cash boost. No way would I rely on it to pay my bills, for me I treat it as a bit of fun, a day at the races if you will only I can pull my money out if the horse is losing ;)
     
  7. NoirHat

    NoirHat Regular Member

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    LuLZ, sounds like u got BURNT
     
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  8. DutchTrafficService

    DutchTrafficService Regular Member

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    Nope, just seen loads of lil boys thinking they could get rich quick ;)
     
  9. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

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    No silly little boys do not make money, who are under the false perception, that all they need to trade forex is money. These kind of people deserve to get burnt, it is called a learning curve.