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Posted Sun, 15 Jan 2023 11:38:53 GMT by ranjan.rao Rao
Dear Sir, I made transactions in US Stocks. The transaction path was like 1. GBP--> USD 2. USD used to purchase US stocks and multiple iterations of US Stock transactions 3. US Stocks sold 4. USD -->GBP Now on 2 & 3 there are capital gains, but on 1& 4 there are losses. however, there are no matching amounts/quantities so how do you suggest that i take care of the gains and corresponding taxes? Would it be fine if a use the exchange rates on the disposal days.
Posted Wed, 18 Jan 2023 15:02:51 GMT by HMRC Admin 32

All figures need to be in pounds sterling, to work out any gains or losses.

You have the sterling figure when converted to dollars(1) and the sterling figure when returned to sterling (4).  If 4 - 1 is a gain, this is taxable.  If it is a loss, then you can declare the loss on your tax return or in writing to HMRC.

Thank you.
Posted Sat, 21 Jan 2023 18:13:30 GMT by ranjan.rao Rao
there were mutliple instances of 1 can we use average cost to all of 2 and 4 above??
Posted Tue, 24 Jan 2023 15:31:49 GMT by HMRC Admin 5
Hi ranjan.rao Rao,

No you need to use actual costs.

Thank you.

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