Tax on income of trading binary options

[Croatica]

Can anyone tell if have to pay any tax on profit made from trading binary options? I'm a tax resident in Ireland, and let's say that I choose a broker who is registered in Ireland. I'm not sure if Ireland treat it as a capital gain or gambling. If a choose a foreign broker, will I also have to pay the tax in the country where a broker is registered? Anyone familiar with this?

 

[osheamanning]

Croatica

Yes, I am familiar with this. We have two clients dealing in Binary Options. We treat them as the purchase and sale of Capital Items, and this they may attract a tax charge. If you do choose an overseas broker and you are charged tax in some other country, this is deductible from any Irish Tax Charge.

 

[BalloonMan]

Why on Earth would you trade binary options in the first place? They are a known scam with some platforms completely rigged and the rest with a 30% or so house edge. That's about 6 times worse odds than what you get at the bookies. Mugs game.

 

[honeybadger12]

No idea how binary options is still legal, the amount of people still falling for these kind of scams is mind boggling. I've heard so many horror stories of people losing thousands and can't get their money back! You'd have better odds buying cryptocurrencies.