Tax on gains on currency trading Tax on gains on currency trading
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  1. #1

    Should post faster

    buffdaddy has no reputation


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    Default Tax on gains on currency trading

    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.

  2. #2

    Godlike

    wendigo100 is too good to be a permie

    wendigo100's Avatar
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    Default

    Quote Originally Posted by buffdaddy View Post
    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

  3. #3

    Super poster

    meridian - scorchio!

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    Default

    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.

  4. #4

    Nervous Newbie

    coltonmason has no reputation


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    Taxes differ among counties, forex gains are taxable, according to your country.
    Last edited by coltonmason; 27th January 2013 at 08:53.

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