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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have a bank account in us dollars, i want to know if I buy

Customer Question

I have a bank account in us dollars, i want to know if I buy a share in usd using money from this account it triggers capital gain on currrency
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.

Hello and welcome to the site. Thank you for your question.

The purchase of a share in USD out of a USD bank account would by itself not trigger capital gain on currency.
Any gain made on the share once sold would give rise to CGT.

You may find information here helpful

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/192091/foreign_currency_bank_accounts.pdf


I hope this is helpful and answers your question.

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