According to The Vegetarian Resource Group
“What is FD & C Red #40 and is it vegan?
FD & C Red #40 is 99% coal tar derivatives. We don’t know of any animal products in it. For years a rumor has claimed that it is made of cochineal or carmine, but that is not true.”
And according to Vegan Peace’s awesome ingredient list
“FD&C Red 40 (B): Allura Red. Derived from either coal tar or petroleum. It is not derived from insects.”
so yeah, it’s vegan, but if vegan = cruelty-free, that includes you too so try to avoid it if you can.