Hi,
this is a reach out to any uk citizens who are using this site and hopefully have some experience with withdraws and tax implications, i dont want a precise answer as hell even HMRC struggle with that,
Quick explanation,
i started forex 4 years ago and i phoned the uk tax man before i started, after lots of taps an the involvement of the operators manager they finally agreed that, "as i was in full time employment, but trading as a hobby then tax came under capital gains"
great i thought an off i went, 4 years of learning and losses generally im now questioning the same issue, this time round the key difference is hopefully with the expert help of not only the traders but the community ill be faced with sizable gains, and thus be liable to pay tax on withdraws as im in full time work and pay income tax at 40%,
digging on goggle shows alot of old information and conflicting views, only 2 sites or so recent but again not clear in respect to where the line is drawn between a hobby an a business, is this area really that grey?
how do others deal with this, i never claimed relief on my losses so im guessing my first step is a self assessment form when the time comes?
many thanks to anyone who can help
//Ben
[edit] this might sound crazy but can you open forex accounts for minors? like for my son? yes im really thinking of putting his capital into forex an hopefully grow
this is a reach out to any uk citizens who are using this site and hopefully have some experience with withdraws and tax implications, i dont want a precise answer as hell even HMRC struggle with that,
Quick explanation,
i started forex 4 years ago and i phoned the uk tax man before i started, after lots of taps an the involvement of the operators manager they finally agreed that, "as i was in full time employment, but trading as a hobby then tax came under capital gains"
great i thought an off i went, 4 years of learning and losses generally im now questioning the same issue, this time round the key difference is hopefully with the expert help of not only the traders but the community ill be faced with sizable gains, and thus be liable to pay tax on withdraws as im in full time work and pay income tax at 40%,
digging on goggle shows alot of old information and conflicting views, only 2 sites or so recent but again not clear in respect to where the line is drawn between a hobby an a business, is this area really that grey?
how do others deal with this, i never claimed relief on my losses so im guessing my first step is a self assessment form when the time comes?
many thanks to anyone who can help
//Ben
[edit] this might sound crazy but can you open forex accounts for minors? like for my son? yes im really thinking of putting his capital into forex an hopefully grow
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