Forex profit tax uk
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The MSE mobile menu not all pages are optimised yet. 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 forex enjoy using 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 forex Contribute to the MoneySavingExpert. I agree forex 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? Profit Here 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 do this profit and end forex clocking up a profit are you tax liable profit it? The easy answer is "most likely" but I'm trying to find profit some details There are currently no thanks 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 tax 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 Tax 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 to capital gains tax unless you bought the foreign currency for your own personal use. So, if you transferred a tax 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 profit the IR would agree to forex. They cannot have it both ways. It is betting, therefore it's tax free whether it be tax sole income or not. Last edited by chewmylegoff; at 2: So CFD's are really used for hedging then. Spread betting is profit regulated by the Gambling Commission, not the FSA. Makes you think, eh? Pro poker players pay no tax "Pro" spread betters pay no tax I once read that the average professional lifespan of a "pro" spread better is about 6 months. Forex is about as reliable 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 a race in that case, rather 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 forex is not. The time now is 6: Sign up for MoneySaving Emails. FAQs Privacy policy Past emails Unsubscribe. Forum Message Forum team message goes here Message history. Forex to our new Forum! Our aim is to save you money quickly and easily. We hope you like it! Forum Team Contact us. Live Stats Posts Today 1, 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. 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