UK Tax issues on US Options

[kvhutch]

Hi. I live in the UK and I've recently started trading US options with OptionsXpress. Can someone point me in the right direction as concerns advice on tax issues. Naturally any gains incur CGT, but as the account is trading US instruments I'm not sure of:
(1) What the tax laws are concerning trading US options
(2) Whom I should contact regarding calculating tax payable (Accountant?)
(3) When and at what level tax is payable
(4) How are losses treated
(5) What literature I may need to read relevant to the UK and overseas trading ... and other issues
If someone can point me in the right direction I'd be very grateful
Cheers

 

[kvhutch]

I'll rephrase. When trading US options is it a simple matter of declaring with the tax man or are there specific tax advantages in trading (US) options. There is an abundance of literature on tax if you are a property Developer, but precious little for traders. I've read the Liffe brochure so I'm guessing the same rules should apply to a UK resident trading US options. What do folk do on this board as concerns efficient tax strategies? I'm a little wary of going to some 'tax specialist' who may apply 'general' principles when there may be more efficient ways to handle trading issues. As you can see I'm a business virgin so any books, literature, web sites, advice will be greatly appreciated. Many Thanks

 

[kvhutch]

Just noticed the 'US to UK - Tax Issues' thread so, at the risk or cross-posting I'll enquire therein.
Cheers