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Posted Wed, 28 Sep 2022 17:23:29 GMT by NoobQueries212
If I were to make an overall loss trading equities using dollars converted from pounds, but have my account equity withdrawn & converted back to pounds & ending back in the green (due to the pound weakening against the dollar, especially due to recent events), would I have to pay taxes on this profit even if I wasn’t speculating on GBPUSD, & only intended to convert my money? Thank you
Posted Thu, 29 Sep 2022 13:33:30 GMT by HMRC Admin 2

Currency other than sterling is a chargeable asset and its disposal can give rise to a chargeable gain or an allowable loss.

CG78300 - Foreign currency: introduction

Thank you.

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