Crypto Are profitable Sports Traders??

[Alpha322]

Now that my trading has turned around nafter months of hard work and we have got rid of Premium charges, i saw a video tonight re Crypto, (dont get me wrong i dont touch
none of these, Footsie, Forex etc etc) about Crypto investors are to include their profits in Crypto profits. This surprised me so what is a sports traders position with HMRC am sure soon my bank will start asking questions all though my daytime Career which ive held for a number of years i still enjoy and income is very good, B/A enhances it but where do we stand on this as Sports Traders. I read somewhere its exempt as its betting levy.

If one wins the lottery this is free doh is it not.


Alpha

[eightbo]

The proceeds of gambling are not taxable and are not declared in a self assessment tax return

Source: https://community.hmrc.gov.uk/customerf ... 2248c86c61

[David121]

The proceeds of gambling are not taxable and are not declared in a self assessment tax return

Source: https://community.hmrc.gov.uk/customerf ... 2248c86c61

Sports trading can be treated like betting, meaning profits may be tax-exempt, but if it becomes more of a business, HMRC might tax it. Crypto profits, on the other hand, generally need to be reported for tax. Lottery winnings are tax-free. It’s best to consult a tax pro to ensure you're compliant with both sports trading and crypto regulations.