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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 14486
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I was scammed by an outfit which claimed to be an FCA

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I was scammed by an outfit which claimed to be an FCA regulated forex broker but isn't and simply stole my money without it ever being traded on the markets. Is this loss tax deductible?
Customer: replied 4 days ago.
I'm in the UK.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Hi

I am afraid you would need to take this through court for HMRC to consider this an allowable loss, so that its proven to be such- have you done so ? What was the outcome ?

Thanks

Sam

Customer: replied 4 days ago.
No I haven't. I've attempted to pursue it through VISA chargeback and the Financial Ombudsman Service, but have had no success. I don't think I have the necessary resources to take it through court.

Hi

Then I am afraid that unless you have evidence to back up the loss through these means then HMRC simply will not accept consideration of the loss and a lack of success through VISA charge back and the Financial Ombudsman actually further negates the ability to claim this as a loss with HMRC or they would have held up your position (and then there would be no need to consider a loss as you would have been reimbursed)

Sorry the news is not better

Thanks

Sam

Sam and other Tax Specialists are ready to help you
Customer: replied 4 days ago.
Ok, thanks.