and control a nation's money and I care not who writes the laws." Mayer Amschel. The cost of acquiring or disposing the property or assets are deducted from the net profit. As Olga pointed out in the comments, Chapter 5 of T4037 defines. Worry about tax once you've made 50k spreadbetting. As I have a day job, my time is devoted to that and not to currency trading. So just like you said forex can be treated as a Capital or Income gains/losses. Scenario 3, if I opened a forex account in the name of my wife and I undertake all forex trading on her behalf (under her name and her full time job is as a dentist, how is any tax treatment on profit/loss made here and. Can someone in the UK who trades forex and has experiencing of dealing with hmrc please confirm their situation.
IT-346R Commodity Futures and Certain Commodities explains the tax treatment of speculation in the commodity markets. The plan is to compound profits. They said it cannot be regarded as gambling as per spread forex trades are and is therefore liable to tax and that too, income tax not capital gains tax because it is regarded as "trading". 10 CGT is imposed on the first 2,150 (more than 8,800) and 20 CGT is levied on next 31,150 with 40 on the balance. The problem though, is sifting through the cacophony of information within the Canada Revenue Agency to find out the applicable rules. Re: uk tax laws on forex. I am simply a person who reads the papers, financial news and makes an informed decision and may make or lose money on the trade. How is any tax treatment on profit/loss made here and is it regarded as income or capital gains? Capital Spreads or Dealing Desk are your best bet. If you make some money buy a few more books (on trading perhaps) and maintain your student status whilst continuing to spreadbet. # 7 stevespray 1,289 Posts Joined May 2001 Re: uk tax laws on forex My advice would be to start by jafx forex signals using a spreadbetting account rather than an ECN.