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Posted Sat, 29 Jul 2023 09:26:16 GMT by MJ K
HI, I haved engaged in day trading for UK and Hong Kong index in the year of 2022/2023. let's say i performed 50 trades per day, and there are 30 trades with total gain 50GBP and the other 20 trade with total loss 100GBP and so the overall loss will be GBP50, May i know: 1. do i need to file tax return based on the gain/loss on every trade or based on gain/loss daily, monthly, or yearly? 2. do i need to file tax return under capital gain tax for those 30 trades? 3. for those 20 trades with loss in GBP100, how can I report to HMRC and can this offset any tax?
Posted Fri, 04 Aug 2023 08:07:26 GMT by HMRC Admin 20
Hi MJ K,

You would need to base it on gains for the year before any losses.
If over £49200 then yes a return is required.
Any in year losses are set against your gains only and cannot be set against other income.
Report and pay your Capital Gains Tax

Thank you.
Posted Thu, 10 Aug 2023 10:21:24 GMT by MJ K
HI May i know where i can find more information regarding how to file to day trade gain and loss? is it related to what kind day trade i am operating? is there definition of "day trader" from HMRC? if i only have loss but no gain in the year, do i still need to file the loss ? and sorry i cannot find any information related to the allowance of £49200, can you provide soruce for further study?
Posted Thu, 17 Aug 2023 08:52:58 GMT by HMRC Admin 20

You would need to keep records for yourself on the actual day to day trading. it is then the total at the end of the tax year that you report.
You would therefore need to have at least 2 colums to show that you have a gain or loss for that particular day. it is from this that the position regarding the loss is establised.
The figure of £49200 is not an allowance, this is the limit of disposal proceeds that are a requirement for a tax return.
If your total disposals (before any losses) is below this, then you dont need a return. if over, a return is required.

Thank you.
Posted Sat, 19 Aug 2023 15:47:06 GMT by MJ K
Hi if i need to file tax based on gains for the year before any losses, is it a must to use the yearly exchange rate? or I can exchange monthly and sum up the gains at year end?
Posted Tue, 22 Aug 2023 21:10:39 GMT by
I am a day trader using an online automated system. I am making about £4,000 upwards a month which half is compounded and rest income. No trades are held for more than 24 hrs. So I don’t have to declare this unless I am above £49200 per year? If that’s the case what section on my tax return do I fill in for future reference. What’s the percentage of tax you pay on that as well?
Posted Fri, 25 Aug 2023 10:20:13 GMT by HMRC Admin 25
Hi MJ K,
Yes, you can use monthly and then just have a total.
Include a pdf document of the monthly transactions/exchange rate as evidence.
Thank you. 
Posted Wed, 30 Aug 2023 07:55:01 GMT by HMRC Admin 25
Hi zanny71 zdanowicz,
Capital gains arising from any source other than residential property, are now reported using the online capital gains realtime service at:
Report and pay your Capital Gains Tax
For gains arising in 2022 to 2023 tax year, need to be reported online before 31 December 2023, otherwise a Self Assessment Tax Return will need to be submitted to report the gains.
Payment of the tax would be due by 31 January 2024, whichever reporting method is used.
The lower rate of Capital Gains Tax for non residential property gains is 10% and the higher rate of captital gains tax is 20%.
 For residential property, the rates are 18% and 28%.
Thank you. 
Posted Thu, 31 Aug 2023 16:06:02 GMT by MJ K
Hi how about if disposal proceeds below £49200 per year but i had record a losy at year end, do i still need to file the tax? where i should out the lost in? and what is the purpose of filing the lost in that year? can this off set gain in next tax year? Can i also have document on on the details related to disposal proceeds of £49200 a year?
Posted Tue, 05 Sep 2023 13:17:37 GMT by HMRC Admin 32
Hi lprsc Pang,

Capital losses can be reported in the relevant pages (SA108) of your Self Assessment tax return. If you are not registered for Self Assessment, you can write to HMRC to claim the capital loss instead. Losses can be carried forward and used to reduce any capital gains arising in future years.  As regards the chargeable assets threshold of £49200, please refer to the SA108 notes.                                

Capital Gains Tax: what you pay it on, rates and allowances                                               

Capital Gains Tax summary notes

Thank you.
Posted Tue, 26 Sep 2023 15:31:37 GMT by MJ K
Hi, this is the first year for me to register self assessment and file tax return in the UK, can i still report the loss for previous year in my home country (Hong Kong)?
Posted Tue, 03 Oct 2023 13:57:25 GMT by HMRC Admin 32

If the loss occured in the UK it must be reported here.

Thank you.
Posted Tue, 03 Oct 2023 16:30:32 GMT by MJ K
Hi When you say the loss occurred in the uk, do you mean the place where I performed the day trade or the registered country of the trading broker software that I used?
Posted Mon, 09 Oct 2023 10:03:04 GMT by HMRC Admin 32

The country where you were living when the trade occured.

Thank you.
Posted Sat, 21 Oct 2023 13:05:20 GMT by
Hi, It seems to me that daytrading stocks/shares will always be considered a CGT, is this correct? if not then when is it not a CGT and what other form of taxation does it fall under? Many thanks
Posted Thu, 23 Nov 2023 19:41:17 GMT by
Hi admins, I day trade S&P 500 futures and options. May I know what is expected to be included in the attachments? Can I aggregate gains/losses by month or by day? As I have two accounts, is it acceptable to use one attachment for each account? Many thanks.
Posted Fri, 24 Nov 2023 16:20:22 GMT by HMRC Admin 10
The attachments would show your gains/losses for each day you trade and then a total for the year.
Yes, you would need one for each account and the total from both should be the figures on your tax return.
Posted Mon, 15 Jan 2024 23:46:50 GMT by
Hi I traded commodity futures over the tax year 22-23. I had a modest gain I'm filling my self assessment capital gains section and have the following section: 1. the £49,200 level talks about value of assets disposed - with regards to futures, how does that work? 2. in terms of section within capital gains where this has to go, would it be "Listed Shares and securities"? (I know futures strictly speaking are derivatives NOT securities, however I don't see a better alternative section) 3. Assuming the answer to 2 is yes, can you elaborate on what (in my case) would go into the boxes marked "Disposable proceeds", "Allowable costs", "Gains in the year before losses" and "Losses in the year"? 4. Box titled "Total gains or losses on the disposal of an asset of this type reported on Real Time Transaction returns...", is that just "Gains in the year" - "Losses in the year" boxes? 5. I have a file detailing each trade over the tax year, and the realised pnl from each trade. I guess i can simply upload this file at the end of the section?
Posted Thu, 18 Jan 2024 06:28:11 GMT by HMRC Admin 25
Hi narrator,
1. This would be the total disposal.
2. Listed shares.
3. This is what you sold the shares for, the costs would include the price paid for the shares and any broker fees incurred in the buying and selling of the shares. the gain is then what you are left with.
4. If you reported the gain already using the real time version rather than a tax return.
5. Yes upload this as a pdf document.
Thank you. 
Posted Thu, 18 Jan 2024 13:03:24 GMT by
Thanks re: 3 Disposable proceeds: That should simply be how much I got for selling the positions? Allowable costs: should be the cost of purchasing the futures + any comissions/fees? Gains/Losses in the year: for these two should I split the positions that made money vs positions that lost money and enter them respectively? can i simply just put a single number that includes both? re: 4, given that I didn't report real time version, should I leave this blank?

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