Do you pay tax on money made on exchange rates?

[Iron Condor]

If you put sterling money into a bank account (say dollar denominated), the exchange rate changes and you convert it back and end up with more money, do you pay capital gains tax on the additional sterling?

If you lose money converting currency, can you offset this loss against tax?

Cant remember the exact amount, but if the value of the asset being sold is above above a certain amount it needs to go on your tax return.
Even if are within the 10K CGT band, if its a big amount it has to be reported.

I roughly recall the figure is in 10s of thousands.

So if its a very small amount and your total gains are under the 10K CGT allowance you dont have to bother to report it.

However if you your total gains are over the allowance you would have to report on your SA regardless of size.

[kandr]

Cant remember the exact amount, but if the value of the asset being sold is above above a certain amount it needs to go on your tax return.
Even if are within the 10K CGT band, if its a big amount it has to be reported.

I roughly recall the figure is in 10s of thousands.

So if its a very small amount and your total gains are under the 10K CGT allowance you dont have to bother to report it.

However if you your total gains are over the allowance you would have to report on your SA regardless of size.

Are you an options trader BTW, I guessed that from your nickname.