Thanks for your reply. My question was prompted by an article I found here:
specifically the last 2 paragraphs in section 6. Is this information incorrect or no longer valid?
If the opposite situation had applied - if the exchange rate had moved in my favour since the sale, resulting in a gain on exchange, would I have been liable to UK tax on that gain? If so, it would appear we have a totally one-sided situation whereby I would be taxed on any gain, but cannot claim for any loss. Is it the case that a foreign currency holding is treated differently for CGT purposes from other assets, such as shares, gold, etc.?
Thanks for your response
No you would not have - as again you are not trading in trying to make a profit from exchange rates of currency. So you neither suffer or lose the position of exchanging money for tax purposes - as these are personal funds
OK, thanks for your help.