expired, not more needed

[Deleted User]

expired, not more needed

Jeremy535897

You don't, if you do it through the mechanism of additions and withdrawals to and from foreign currency bank accounts. See:
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg78300p

The exemption for foreign currency bank accounts is at:
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg78321

Losses are not allowable either. These changes purported to be introduced for simplification in 2012, but the fact is that most people make losses rather than gains on such transactions, and it is more analogous to gambling than investment.

Albermarle

Request1 said:

EARNING MONEY ON TRADING CURRENCY AND SELF ASSSEMENT 

Has anyone got any experience on how you report in tax return the money you have earn on currency exchange as a private person not a company? 

I am a private person who has some money in the bank and want to buy some currency to sell it when the exchange rate is better.

Leta say that I am buying euro and then sell it and that will give me £1000 profit. Then how do I include this in tax return are there any limits on what I can earn in this way? 

Thanks

I am a private person who has some money in the bank and want to buy some currency to sell it when the exchange rate is better.

What is the plan if the exchange rate gets worse? as there is a 50:50 chance in which direction it will go.
As you will be paying exchange fees and/or a spread, then you are more likely to lose than win overall.

eskbanker

Albermarle said:

What is the plan if the exchange rate gets worse? as there is a 50:50 chance in which direction it will go.

It's not really a 50:50 chance as such, it's just two (technically three!) possible outcomes with unknown probabilities....

[Deleted User]

thanks for your replies.

How is is treated if I am a private person and I want to keep on earning on exchange currency transactions?  (buy in my bank foreign currency, sell, buy and sell and so on?)

CGT?  Is there any limit on that sort of my extra income on top of my normal job?