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Posted Fri, 09 Aug 2024 15:10:27 GMT by iren
Hello! Could you please help me with my questions: I bought shares in US dollars and when I sold them I did not convert these into UK £. I took an average exchange rate to calculate my tax return. I kept US dollars until the next tax year. Next year, I exchanged US dollars to UK £ with a loss (comparing to the rate that I declared on my tax return previous year. ) Can I take into account this loss in my tax return this year? How to fill it in? Thanks in advance for your help!
Posted Wed, 21 Aug 2024 06:26:22 GMT by HMRC Admin 25
Hi iren,
Currency other than sterling is a chargeable asset and its disposal can give rise to a chargeable gain or an allowable loss.
The loss would be declared in the capital gains sections of the tax return, relating to either listed or unlisted shares.
Please have a look a the guidance here:
CG78310 - Foreign currency: assets acquired or sold for currency
Onwards.
Thank you. 

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