Tax due to foreign currency exchange

Dear HMRC, I am an individual. I do not have a business but would invest foreign stock shares. As a result, I performed some exchanges between GBP and other currencies. Is investment on foreign stock treated as personal expenditure such that the currency exchange will be excluded from CGT? If the investment is subject to CGT, may I check with you if my understanding below is correct? For the situation below: 1. Change from GBP to USD; 2. Buy stocks with some USD got from step 1; 3. Sell stocks and get USD; 4. Sell all USD and obtain GBP The CGT due to selling the stock shares (step 3) is based on the gain (proceeds in GBP minus cost in GBP). So, this gain has covered the gain due to both selling the stock and the currency exchange at the same time. When I sell all USD (step 4), the remaining USD not used to buy the stocks in step 2 will be matched with the cost in step 1 when we calculate the CGT. For those USD involved in the stock shares transaction, they will not be matched with the cost in step 1 because the gain due to currency exchange has been taxed in step 3 already. Thank you!

Hi,
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