joint spread account

[reeceybrom94]

If i have a joint spread betting account with a friend and im trading his money, would i need to pay tax on the profits split?

[Fiona-IG]

Hi reecebrom94

This may help: https://www.ig.com/uk/spread-betting/benefits-of-spread-betting#profit-without-tax

When you buy and sell shares, you have to pay capital gains tax on any profits that you make. But when you spread bet, any profits are yours to keep because they are exempt from capital gains tax. And since you never actually own the underlying asset, you won’t have to pay stamp duty either.*