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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9434
Experience:  FCCA FCMA CGMA ACIS
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I am a uk resident and wondered how forex trading will be

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Hi,I am a uk resident and wondered how forex trading will be treated for tax purposes?
JA: Have you talked to a tax professional about this?
Customer: my accountant said this will be classified as spread betting and no tax but I have read mix information on websites and youtiubes
JA: Anything else you want the Accountant to know before I connect you?
Customer: nothing else
Customer: replied 8 days ago.
Shall I still waiting?

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

I concur with your accountants advice. FOREX trading will be classified as gambling and thus outside the scope of UK taxation. Having said that if you spend all day glued to your computer screen trading FOREX HMRC may well class it as a business and subject profits to Income Tax (IT),

Customer: replied 8 days ago.
Would this be capital gain or income tax?

Income Tax, sorry I do not do telephone calls any more, they are no longer cost effective.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 8 days ago.
Is income means the net profit after deductions of all losses or any gain in every single trade?

Correct, experience has shown that most FOREX traders have more losses than gains.