I spoke to my accountant for the usual end of year check up. He spoilt my day. Ive sold some shares at a nice profit which I held for more than 12 months so I natually presume I only pay 50% of the capital gains.
This is where he spoils the party. He says that because Ive been very active with the CFDs I could be classified as a trader and therefore would be required to pay the full 100% profit as capital gains irrespective of how long Ive had the shares, even if Ive had them for 10 years.
So......is he right and if so:
at what point are you classified as a trader? is there a minimum or maximum amount of trades per month/year.
