Skip to main content

This is a new service – your feedback will help us to improve it.

  • Foreign Brokerage Account Currency Tracking

    I need some advice on managing transactions in a foreign brokerage account with USD as the base currency, particularly concerning the remittance basis of taxation. 1) When buying and selling futures contracts, do I need to record these transactions in GBP at each transaction level, or is it sufficient to do so only when remitting to the UK? 2) If I need to track each transaction in GBP, there could be a discrepancy in the exchange rate when I withdraw USD from the brokerage account and when it’s converted to GBP in the UK. For instance, I might withdraw an amount equivalent to £10,000, but by the time it’s converted to GBP in the UK, it might be £9,500. -Which amount should I consider as withdrawn from the brokerage account? -Which amount should I record as remitted to the UK? 3)If I use the arising basis in some years and the remittance basis in others, does this affect how I should track transactions?
  • Tracking Transactions in a Foreign USD Brokerage Account

    I'm seeking guidance on tracking transactions in a foreign brokerage account where the base currency is USD, especially in regards to the remittance basis of taxation. 1) For the purpose of tracking all transactions (buying and selling futures contracts), should these transactions also be tracked in GBP (besides the original USD) at each transaction level, or is it enough to track them at the point when remitting to the UK? 2) If transaction level tracking has to be in GBP; when remitting amounts, the exchange rate when USD was extracted (=£10,000) from the brokerage acount, could be different at the actual time of exchange to GBP when reaching UK (Example: £9,500). -Which amount should be noted as removed when tracking the remains in the brokerage acount? -Which amount should be recorded as remitted to the UK? 3) If some years are arising basis and others are remittance basis, should there be any changes in regards to tracking? Thank you