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Changing back travel money (tax)
tatusmaru
Posts: 27 Forumite
Hi there,
Wasn't sure where to put this, so hopefully this is the right place!
We saved some money for a trip to Japan, and bought some Yen last year in preparation but we didn't end up going. Now with the £ being so low, we've decided to change our unspent JPY to GBP. Do I need to declare the difference made in the conversion when I file my tax return? Is it taxable?
Kind regards,
Wasn't sure where to put this, so hopefully this is the right place!
We saved some money for a trip to Japan, and bought some Yen last year in preparation but we didn't end up going. Now with the £ being so low, we've decided to change our unspent JPY to GBP. Do I need to declare the difference made in the conversion when I file my tax return? Is it taxable?
Kind regards,
0
Comments
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No in practice.
How much are we talking?0 -
Technically it should be reported as a Capital Gain on your return. Assuming you and your partner haven't exceeded your Capital Gains allowance (£11,100 each) then there should be no tax to pay.0
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NeilInglis wrote: »Technically it should be reported as a Capital Gain on your return. Assuming you and your partner haven't exceeded your Capital Gains allowance (£11,100 each) then there should be no tax to pay.
I thought as much, good to make sure! Thanks for the info!0 -
NeilInglis wrote: »Technically it should be reported as a Capital Gain on your return. Assuming you and your partner haven't exceeded your Capital Gains allowance (£11,100 each) then there should be no tax to pay.
Though if there are no significant gains elsewhere it doesn't even need to be reported.0
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