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Sam
Sam, Accountant
Category: Tax
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Ok, here is UK professionals, no, FOrex trading profits

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Ok, here is UK professionals
JA: Have you talked to a tax professional about this?
Customer: no
JA: Anything else you want the Accountant to know before I connect you?
Customer: FOrex trading profits
Customer: replied 9 days ago.
REgarding profits from FOREX trading. I understand the profits are tax free because it is considering gambling. Situation is wife and husband and two children from Lativa. Are residents in Scotland for many years. Husband has a job as an engineer. THe wife does Forex trading in the morning when the children are in school. Let's say she made 50,000 GBP in profit in 2019 from forex. Must she pay tax on that profit.
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Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Hi

 

If this is her sole income and /or she does this on behalf of others using their money (even family members) theh this is a trade and has to be declared as such

 

Thanks

 

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 14819
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 8 days ago.
Follow up to original question
1. It’s all her money, or money she borrowed.

2. Her husband worked at a job earning money.
a) is there a threshold test ? As in what % of household income came from her and what % came from him?
b) 3 of the 4 trading accounts are in his name and he effectively did trading on those three accounts.

3. Is there a difference between ‘her’ earnings and ‘his’ earnings, or can they file as a family unit.
Obviously seeking a way to have this trading profit *nit* be considered ‘sole income’ So looking at all factors.