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Capital gain on forex.

Answer
Co23walr
Posted Mon, 09 Sep 2024 08:04:14 GMT by Co23walr
Suppose I have exchanged USD 1270 to GBP 1000. On a later day,GBP 1000 was exchanged to USD1290. Is there a capital gain to be reported? However, if the transactions need to be converted into sterlings to calculate the capital gain, both the proceed and the cost will be GBP1000 (the cost will be a bit higher due to the commission fees). Should I report the loss instead?
Answer
HMRC Admin 32 Response
Posted Fri, 13 Sep 2024 13:52:22 GMT by HMRC Admin 32 Response
Hi,
If you want to use the loss against future capital gains, yes you need to report it.
Thank you.

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