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Posted Wed, 18 Jan 2023 17:04:31 GMT by Thomas Chan
I had been trading equity stocks and ETF in the US and other places outside UK for years before I became a UK tax resident during the tax year 2021-22. The trading gains were not subject to any foreign taxes. 1. Should I report the net gain/loss as trading income or capital gains? Which form should I use? 2. Funds for trading were kept with the brokers in the original currencies well before I became a UK tax resident, and withdrawal were not made with reference to any specific transaction nor were they converted to GBP. Which exchange rate should I use to translate the realised gain and loss? Thanks.
Posted Wed, 25 Jan 2023 09:58:15 GMT by HMRC Admin 17

Any gains arising prior to 21/22 would not be taxable in the UK. 

Any gains prior prior to 21/22, remitted to the UK during or after 21/22 would be considered captial and not be taxable. 

Any foreign gains arising during 21/22 would be taxable, depending on your residence status. 

Have a look at :

Tax on foreign income     and    :

Guidance note for residence, domicile and the remittance basis: RDR1  . 

The official exchange rates can be found at :

Exchange rates from HMRC in CSV and XML format   .

Thank you.

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