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Have a Forum account? Search Post reply Subscribe to thread. Are profits from Forex trading taxable?

Will I be taxed as a forex trader if its my only income?

I was looking at Moneycorp where you can buy and sell currency on line and I was wandering, if you do 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 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 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 to capital gains tax unless you bought the foreign currency for your own personal use. 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.

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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.

I am intending to start trading in FOREX for a living. I assumed

It is betting, therefore it's tax free whether it be your sole income or 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. 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 betting is not. The time now is Sign up for MoneySaving Emails. FAQs Privacy policy Past emails Unsubscribe. Forum Message Forum team message goes here Message history.

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