Ive been trading for a year now using a spreading beting account with GFT which is tax free and now want to start trading multiple accounts for friends and family.
i have contacted GFT over their fund manager addon for dealbook360 but they want me to change my spread betting account to a spot forex account before i can use the funds manager to manage other accounts. They have also told me that if i were to change my account from a spread betting account to a spot forex account i would be subject to tax, but they sounded i bit unsure.
does anyone now if i have a spot account will i have to pay tax, i cant seem to see the difference between a spot account and a spread betting account, they are both leveraged the same so the risk is the same.
also do i have to be regulated by the FCA to manage other accounts?
any help and advice would be great.
thanks
i have contacted GFT over their fund manager addon for dealbook360 but they want me to change my spread betting account to a spot forex account before i can use the funds manager to manage other accounts. They have also told me that if i were to change my account from a spread betting account to a spot forex account i would be subject to tax, but they sounded i bit unsure.
does anyone now if i have a spot account will i have to pay tax, i cant seem to see the difference between a spot account and a spread betting account, they are both leveraged the same so the risk is the same.
also do i have to be regulated by the FCA to manage other accounts?
any help and advice would be great.
thanks