Do you pay tax on money made on exchange rates?

[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.

[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.

[Mich the Tester]

More than sasguru makes in a year.

Not worth the trouble; the accountant's hours cost more than that.

[DimPrawn]

This is your real question isn't it? Come on, be honest. How much have you lost?

More than sasguru makes in a year.

[Mich the Tester]

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

This is your real question isn't it? Come on, be honest. How much have you lost?

[DimPrawn]

dirty spekulant

[Bunk]

Its FX trading, you are a trader.

dirty spekulant

[aussielong]

Grey area

Its FX trading, you are a trader.

It depends how often you do it. If you are doing this regularly you will appear to be trading and will be up for tax on gains.

You don't pay tax on a profit you make when you go on holiday and change it back at a better rate than you did when setting off do you.

[Jog On]

Its FX trading, you are a trader.

Putting it in a bank account and realising the gain/loss is not FX trading

[Jog On]

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?

I think it's CGT - £10k tax free allowance I believe.

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

Business or personal account?

[kandr]

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?

Its FX trading, you are a trader.

[DimPrawn]

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?