Thanks a lot for Admin 10's explanation. Could you please explain further on the following?
1) I have done UK Statutory Residence Test and found that I am a non-UK tax resident before end Sept 2023. Do you mean: as long as I am in the UK, I need to report the gain/loss of selling foreign currencies disregarding whether I have been in UK for more than 183 days?
What does 'claiming split year' mean?
2) There is no valuation department which can offer the details on the exchange rate concerned. To simplify the calculation of gain/loss, may I assume I bought the foreign currencies in the lowest exchange rates, say, in the past 10 years and use them to calculate the gains/loss of selling them in the UK? If not, do you have any other suggestions? I just want to sell them all to save the troubles of reporting the interests earned each years.
Thanks a lot for your attention!
I am a BNO visa holder and entered UK in end March 2023. Many years ago I bought foreign currencies such as CAD, Euro, New Zealand Dollars, etc for travelling and I still keep them in saving accounts overseas. I receive interests from them each month. I will be a UK tax resident in this Sept after staying here for more than 183 days.
(1) If I sell all foreign currencies before Sept this year, do I need to report the gain/losses of selling them? My problem is: I did not remember when they were bought and the exchange rates concerned.
(2) If I continue to keep the foreign currencies after being a UK tax resident, I only need to report to HMRC the interests earned as long as I do not sell them ? Am I right?