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buffdaddy
17th August 2007, 10:43
Hi All,

do I have to pay tax if I make money by moving the £££ offshore into a fixed deposit account. Then if I bring htem back in 6 months (hopefully the currency rates will be in my favour), do I have to pay tax on that margin?

I assume i do, but thougt I might check.

wendigo100
17th August 2007, 11:23
Hi All,

do I have to pay tax if I make money by moving the £££ offshore into a fixed deposit account. Then if I bring htem back in 6 months (hopefully the currency rates will be in my favour), do I have to pay tax on that margin?

I assume i do, but thougt I might check.I have a special arrangement with HMG about this.

threaded

meridian
17th August 2007, 11:25
If you're UK tax resident and domiciled, the interest is taxable income and the forex gains are subject to CGT so will be taxable but if the total is less than your allowance there will be no tax to pay.

coltonmason
6th December 2012, 13:02
Taxes differ among counties, forex gains are taxable, according to your country.