Are binary options gambling uk tax

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Board index Income Tax Search Advanced search. I live in the UK and have been betting on binary options like spread betting from home and doing ok. I know from replies to gambling questions on the forum that my winnings are not taxed.

However, I have just paid a one-off sum to another more advanced 'trader' in Singapore to bet for me using that sum. I know it sounds like a classic scam, but this person is well-known on a binary options trading forum website and has a long history of posting screen grabs of her consistent wins - and the odd losses - and has excellent reviews from other forum members.

She guarantees fixed returns, so will I have to pay tax on any winnings she makes me? With a pinch of salt take what I say, but don't exceed your RDA.

UK Tax on Binary options explained with HMRC

I guessed as much. But then I suppose all investing is gambling.

Have recently come across this on another thread, posted by robbob: In which case, how and why are you proposing taxing their winnings? And why are they not gambling. If I give Pete a tenner to put on a horse for me — his choice — then I am definitely still gambling, not investing.

The wolves of Tel Aviv: Israel's vast, amoral binary options scam exposed | The Times of Israel

I can redeem it at any time. If he places it on a horse or a dodgy investment it doesn't mean that I am gambling, I'm still investing.

He may be gambling or investing, but it doesn't change what I'm doing.