Tax on gains vs currency swing

Marshy1998

Newbie
1 0
Hi

Just joined your forum, im quite new to trading, opened a eToro account a couple of months ago, i Have a question regarding tax in the uk.

I deposited £10,000 into my eToro account at a exchange rate of 1.21, $12,100

I have now made approx $600 but the exchange rate has now changed to 1.28 so in real terms I’m at a loss if I withdrew the $12,700

Can you off set currency changes against my tax liability on the $600 gain ?

Many thanks

Paul
 
M

member275544

0 0
Hi

Just joined your forum, im quite new to trading, opened a eToro account a couple of months ago, i Have a question regarding tax in the uk.

I deposited £10,000 into my eToro account at a exchange rate of 1.21, $12,100

I have now made approx $600 but the exchange rate has now changed to 1.28 so in real terms I’m at a loss if I withdrew the $12,700

Can you off set currency changes against my tax liability on the $600 gain ?

Many thanks

Paul
Nope, its the sterling equivalent of your disposal minus the sterling equivalent of acquisition
 
 
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