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Posted Mon, 07 Nov 2022 18:31:21 GMT by YY WONG
From time to time, I need to transfer US Dollar between my foreign currency saving accounts (in banks) and broker's account (for investment) e.g. (i) fee (charged by bank) for transfer US dollar from my foreign currency bank account to the broker account (ii) fee (charged by bank) during deposit US dollar into my foreign currency bank account, or transfer US dollar to another bank (ii) fee (charged by broker) during transfer money from one broker account to another broker's account (for investment purpose). Are the above fees can be deducted from the income during tax reporting ?
Posted Thu, 10 Nov 2022 14:38:07 GMT by HMRC Admin 32
Hi,

No, these fees cannot be deducted.

Thank you.
Posted Thu, 10 Nov 2022 18:43:27 GMT by YY WONG
Thanks for your reply: One follow up question: Are these fees can be reported as Expenses during the self-assessment for personal tax? (as these are the fees induced for my investment using my broker account).
Posted Tue, 15 Nov 2022 12:27:39 GMT by HMRC Admin 32
Hi,

No, you cannot claim these as expenses.

Thank you.

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