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Posted Fri, 15 Mar 2024 18:31:22 GMT by tttpainnn
Hi I hope this message finds you well. I worked in EU before and have some savings in Euro. I transferred them to an UK trader platform, at that time it is equal to X GBP. Later I exchanged them to pounds, which worths Y GBP. Do I need to pay tax on the gains (Y - X)? If so, is it taxed as capital gain or something else? Thank you!
Posted Thu, 21 Mar 2024 12:55:13 GMT by HMRC Admin 32

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

If you are resident in the UK, then you may have Capital Gains Tax to pay on the conversion to pounds sterling.  

Have a look at CG78300 onwards for more information.

CG78300 - Foreign currency

Thank you.

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