FXCM Account Types

[Steve.Newton]

Hi all,

I am trading the FTSE100 only with FXCM. I created an account a few months ago and now on browsing around note that they advertise two accounts. A standard account and a spread betting account, the latter being the only account which is exempt from Capital Gains tax here in the UK.

How do I know what I have as I didn't specifically ask for one or the other, nor was I asked that I recall? If I have the wrong one am I liable to CGT? I am a UK resident.

Don't wish to pay tax on profits thanks.

Steve.

 

[hacks]

I think you do have a spreadbetting account because I also have an account with FXCM (Micro account) and I can only trade currencies, gold and silver and not FTSE. I know that FTSE and other indices are only available on the spreadbetting account.

Of course its always best to ask them first.

 

[Steve.Newton]

I think you do have a spreadbetting account because I also have an account with FXCM (Micro account) and I can only trade currencies, gold and silver and not FTSE. I know that FTSE and other indices are only available on the spreadbetting account.

Of course its always best to ask them first.

Cheers, I will ask them tomorrow but as is s*ds law I always come up with questions when they aren't open. I had a minor panic there given I am currently doing my tax return.

 

[Ross Spur]

Hi all,

I am trading the FTSE100 only with FXCM. I created an account a few months ago and now on browsing around note that they advertise two accounts. A standard account and a spread betting account, the latter being the only account which is exempt from Capital Gains tax here in the UK.

How do I know what I have as I didn't specifically ask for one or the other, nor was I asked that I recall? If I have the wrong one am I liable to CGT? I am a UK resident.

Don't wish to pay tax on profits thanks.

Steve.

From what I remember you have to select the type of account when you apply?

 

[lancenicolase]

Usually, CFD and spread betting companies let you choose what account you want (CFD or spread betting), but if you don't remember it's better ask.
I agree with you as you can't remember everything and I just wish they could make it clearer. For example, when you trade with CS you can clearly see what you trade (on CS you can trade CFDs and spread bet) as CFD stuff have CFD attached to the name.

 

[Steve.Newton]

Thanks All, I got in touch with FXCM and it appears that I did pick a standard trading account rather than a Spreadbetting account. I am now in the process of switching over.

Thankfully there is a Capital Gains Allowance in the UK, so my profit so far is not taxable but so pleased I noticed now.

The next kick in the teeth will be to find that the spreadbetting account doesn't have/do something the other one does but lets see.

Warning to all UK residents, be very careful when selecting your accounts!!!

Steve.

 

[Steve.Newton]

Thanks all.

FXCM confirmed, I had the wrong account and now have the joys of filling in more sections on my tax return for the next two submissions, DOH!!!

Warning to all, be very careful not to get caught out, although I accept it was probably my oversight!