FX & Tax

[Hoggums]

I've just tested out the demos on FXCM & Oanda and I'm going to shortly open an account with Oanda. I find it hard to work out exactly what your expected return/risk is with FXCM, oanda have a nice utility that shows you your expected GBP loss/gain per pip.

Anyway that's beside the point, I've been spread betting fx up till now so all gains have been tax free, what's the situation with an account with oanda - will any gains be subject to capital gains tax, or worse still income tax?

Thanks in advance.