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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Good afternoon, In my financial year to 31st March 2014,

Resolved Question:

Good afternoon,
In my financial year to 31st March 2014, I have invested £20,000 in the Omaha Forex Trading Company and made gains of £3,200.
Are these gains taxable? If so are they liable to CGT or Income Tax.
Thank you for your assistance.
Michael Skinner
Tel: 01704 - 833402
Email:***@******.***
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. What exactly is the Omaha Forex Trading Company? I cannot find it on the internet. What do you do for living? Did you trade the £20,000 yourself or was it traded for you?
Customer: replied 1 year ago.
I am retired from mainstream business. Beside my pension, I now manage a portfolio of 8 rental properties and make a variety of different investments, one of which is the Managed Omaha Foreign Exchange Corporation, based at 1125, South 103RD Street, Suite 550, Omaha, Nebraska, USA. As the minimum deposit into their fund is $500,000, I have a Trading Agreement for £20,000 with a UK firm, Giroma Property Development Ltd., for my investment into the OFX.
Expert:  TonyTax replied 1 year ago.
Thanks. Can I infer from your response that the £20K is traded for you and not by you?
Customer: replied 1 year ago.
Yes! I paid the £20K to Giroma who in turn treated it as part of their contribution to OFX. Giroma are the registered member with OFX. As it is an automated fund, the traders at Omaha make all the trading decisions.I am a client of Giroma who send me a monthly report on the performance of the fund and pay me the gains for the year at the end of my financial year on 31st March.
Expert:  TonyTax replied 1 year ago.
Thanks.
In that case, you should disclose your profits as capital gains. Had you been trading your fund yourself, you might have had to disclose the profits as income especially if those profits were your major source of income and you were not using a spread betting platform in which case the profits would not be taxable at all.
You might be interested in the website here with which I have no connection:
http://www.traderstaxclub.co.uk/
I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
I'm taking a break and will be back in about 30 minutes to answer any follow up questions that you may have.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15841
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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