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what does it fall under.......
Tryinghardtosave
Posts: 76 Forumite
I have a trading 212 Invest account and I have some GBP in it earning interest. If I exchange to another currency and earn interest on that, is that then classed as cash earning interest or does it remain a asset as I bought it with GBP and when I convert it back does it get treated as a "profit" rather than interest ?
I hope that makes sense.
TIA.
I hope that makes sense.
TIA.
0
Comments
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Foreign currency interest is still interest and is taxed as such. Separately however will be the issue if you realised a gain from your currency trading. I'm not sure how HMRC views that for CGT or other tax purposes. Someone else might be better placed to comment on that.1
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Thanks, so I will have interest and CGT to think about.0
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