Author Topic: Forex UK  (Read 137 times)

Dgibs

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Forex UK
« on: November 09, 2018, 02:33:31 AM »
So,

Thought I'd throw this out there in case anyone has any input.
However, it needs to be UK specific, so I posted in the UK tax section also.

Forex day trading.
The gains made from that.
Tax free as it is akin to matched betting / gambling?
Capital Gains tax as its trading profits?
Neither?

I've spoken to some Tax people, and HMRC , and been given all 3 answers.

Also, would the answer change if I wasn't doing the actual trading, but someone else was on my behalf?

Any ideas, people?

All the best.

flipboard

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Re: Forex UK
« Reply #1 on: November 09, 2018, 11:45:02 AM »
Forums probably aren't the best place to get tax advice IMHO.

But is there any way of getting a binding answer out of HMRC? Some countries' tax authorities are happy to give an advance ruling for a small fee, that would give you protection in advance.

I'd be surprised if active day trading wasn't considered income, but tax laws are sufficiently complicated (and HMRC sufficiently obnoxious) that you really want something binding from HMRC, or failing that professional tax advice.