Please tell me how FOREX profits are taxed in the UK.
I.e.
John opens a new £3,000 trading account at the start of the UK tax year and by the end of the tax year its value through trading has risen to £10,000. John likes how things are going and decides not to withdraw any money from the account.
Is the profit:
a) taxable as trading income,
b) taxable as capital gains or...
c) not yet taxable as John has not withdrawn any funds fromt he account?
Thanks so much for your help!
danny
I.e.
John opens a new £3,000 trading account at the start of the UK tax year and by the end of the tax year its value through trading has risen to £10,000. John likes how things are going and decides not to withdraw any money from the account.
Is the profit:
a) taxable as trading income,
b) taxable as capital gains or...
c) not yet taxable as John has not withdrawn any funds fromt he account?
Thanks so much for your help!
danny