Tax-Free Profits from Binary Trading in the U. K.
Posted in Binary Strategies on Nov 2nd, 2013 | Comments Off
At the current time of writing, it is still possible to achieve tax-free profits from binary trading in the U. K. although it is not clear how long this will last.
In the United Kingdom, binary options trading is still classified under the ‘gaming’ category and therefore all proceeds or profits are deemed to be winnings, or prize money.
Winnings, prizes and lottery money are all classed in this category and are all tax-free and undeclarable as income. No citizen or declared resident of the U. K. pays income tax on any or all income created by profit gleaned from gambling or gaming.
This could be one of the biggest reasons that the (relatively) new system has taken off, as many, many traders want to benefit from the tax-free profits from binary trading in the U. K. It may be wise to make the most of this, as the attitude towards the classification and therefore taxation of binary trading may be changing.
In Cyprus, one of the most popular locations for binary trading platforms and operating brokers introduced a system of regulation to the binary options trading systems and now all profits achieved by Cypriot residents through binary trading must be declared as taxable income.
Members of binary trading platforms in Cyprus, but those who live outside the jurisdiction of Cyprus, must (and always should have) declare their profits according to the taxation laws of the resident country.
Although tax-free profits from binary trading in the U. K. fall under the current classification, it may only be a matter of time before the taxation class changes.
Now has never been a better time to begin binary trading in the U. K. Make the most of tax-free profits from binary trading in the U. K while you still have the chance!