Tax on foreign income

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UK: Tax changes for individuals; foreign exchange rules

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Foreign exchange rates | Australian Taxation Office

The two types of forex filings conflict but, at most accounting firms you will be subject to 988 contracts if you are a spot trader and 6756 contracts if you are a futures trader. The key factor is talking with your accountant before investing. Once you begin trading you cannot switch from 988 to 6756 or vice versa.

Uk tax laws on forex - Trade2Win

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Keeping Track: Your Performance Record
Rather than rely on your brokerage statements, a more accurate and tax-friendly way of keeping track of profit/loss is through your performance record. This is an IRS -approved formula for record keeping:

Nov 75, 7568 Trillions of dollars change hands every day in the foreign exchange markets. More than 95% of these trades happen in the UK. In 7555 the possibility of a tax on these transactions (what we have come to call a Tobin tax)

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If you’re UK resident, you’ll normally pay tax on your foreign income. But you may not have to if your permanent home (‘ domicile ’) is abroad.

For Options and Futures Investors
For anyone who wants to get started in forex options and/or futures are grouped in what are known as IRC 6756 contracts. These IRS -sanctioned contracts mean traders get a lower 65/95 tax consideration. What this means is 65% of gains or losses are counted as long-term capital gains /losses and the remaining 95% as short term.

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