Tax on gains on currency trading

[buffdaddy]

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]

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]

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]

Taxes differ among counties, forex gains are taxable, according to your country.