Forex trading uk tax information
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Welcome to the MSE Forums We're home to a fantastic community of MoneySavers but anyone can post. How do I post?: Hi and welcome to MSE Forum! We hope you enjoy forex it to save lots of money. Login to MSE Forum x Use your username and password to Login to MSE Forum. Join the MSE Forum x Contribute to the MoneySavingExpert. I agree to abide by the Forum Rules. Get Martin's Free Weekly Money Tips email. Keep me logged in. Login Login with Facebook. Don't have a Forum account? Join Forex Start posting on MoneySavingExpert Forum in minutes. Have a Forum account? Search Post reply Subscribe to thread. Are profits from Forex trading taxable? I was looking at Moneycorp where you can buy and sell currency on line and I was wandering, if you tax this regularly and end up clocking up a profit are you tax liable for it? The easy answer is "most likely" but I'm trying to find out some details There are currently no information for this post. Here's a link to an article on the iii website. I have a feeling its similar to spread betting and any gains are tax-free. Trading forex through CFD's is fully taxable, while trading the same through Spread Betting is not. Users saying Thanks 2. Why would anyone trade forex through CFD's though? May as well spreadbet. Spreadbetting isnt tax free if its your 'job' Companies trade CFD as its cheaper on bulk. Currency can be held in ETF also such as FXE Im not sure if that is allowed in an ISA. Gains on british currency such as gold sovereign is not taxable I believe, not sure about foreign currency. Gains on foreign currency are liable trading capital gains tax unless you bought the foreign currency for your own personal trading. So, if you transferred a load of cash into a euro account and the euro strengthened against the pound, and then you transferred it back into sterling, a gain would arise that would be subject to CGT. Gains on spread-betting are tax free regardless of the underlying. In answer to the question - why would you want to trade forex CFDs - the flip side of spread-betting not being taxable, is that the losses are not tax deductible either. Users saying Thanks 1. As most people lose more than they win, I doubt the IR would agree to that. They cannot have it both ways. It is betting, therefore it's tax free whether it be your sole income information not. Last edited by chewmylegoff; at 2: So CFD's are really used for hedging then. Spread betting is also regulated by the Gambling Commission, not the FSA. Tax you think, eh? Pro poker players pay no tax forex spread information pay no tax I once read that the average forex lifespan of a "pro" spread better is about 6 months. Forex is about as information as spread betting. Ignore the marketing rubbish on the websites, you might find it more fun to put a bet on the horses, at least you get to watch information race in that case, trading than a chart! I am an IFA, but nothing I say on this forum constitutes financial advice. Always draw your own conclusions and always do your own research. Spread betting is not. The time now is 4: Sign up for MoneySaving Emails. FAQs Privacy policy Past emails Unsubscribe. Forum Message Forum team message goes here Message history. Welcome trading our new Forum! Our tax is to save you money quickly and easily. We hope you like it! Forum Team Contact us. Live Stats 2, Posts Today 8, Users online. Popular on MSE 1: Here's where supermarkets hide bargains 2: Reclaim PPI for free 3: MSE's Money Tips latest weekly email 4: Premium Bonds prizes cut - still worth it? Top savings accounts - up to 2. Martin's Twitter Ends tonight: How this site works We think it's important you understand the strengths and limitations of the site. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. We don't AS a general policy investigate the solvency of companies mentioned how likely they are to go bustbut there is a risk any company can struggle and it's rarely made public until it's too late see the section 75 guide for protection tips. We often link to other websites, but we can't be information for their content. Always remember anyone can post on the MSE forums, so it can trading very different from our opinion. More tools from MoneySavingExpert Budget Planner Free tool to analyse your finances and scrutinise spending. Premium Bonds Calc Tax tool uses probability to estimate winnings. EBay Local Deals Mapper Find cheap pick-up only forex near you - they often attract fewer bids MobileValuer. It compares who pays the most. CallChecker Find the cheapest calls for any country forex for calling mobiles TravelMoneyMax. About the Site MSE's Editorial Code Site's Funding Sitemap Jobs Accessibility Email FAQs Site FAQs Forum Rules New to Forum? 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