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bigduckontax
bigduckontax, Accountant
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As a UK Citizen, paying UK taxes, do I have to pay taxes on

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As a UK Citizen, paying UK taxes, do I have to pay taxes on any money made on financial securities from trading the Options markets, as I was informed that you don't have to if they are financial securities. Thank you.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Moneys made from these activities normally come under the Capital Gains Tax (CGT) regime. At the end of the tax year your net gains, after deduction of your Annual Exempt Amount (AEA) of 11.1K, would be taxed at 18% or 28% or a combination of the two rates depending on your income including the gains in that tax year. There is one proviso, however. My answer assumes the transactions do not amount to trading, if so, net profits would be caught by the Income Tax (IT) regime and taxed at your marginal rate of tax where rates of tax can be higher (40% or even 45%). I do hope that you have found my reply of assistance.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.