CGT and Foreign Exchange
Dawny
Settling In NicelyRegistered Posts: 55
My client has been benefiting from the USD movements in exchange rate over the past year.
Shares held in an American company were sold in USD and the capital gains tax calculated in 2014/15. The profit from the sale is being received monthly over a 5 year period and because of the exchange rate movement, the monthly payments are going up.
Do we need to declare this gain to the HMRC?
Thank you!
Shares held in an American company were sold in USD and the capital gains tax calculated in 2014/15. The profit from the sale is being received monthly over a 5 year period and because of the exchange rate movement, the monthly payments are going up.
Do we need to declare this gain to the HMRC?
Thank you!
Answers
Foreign currency bank accounts are exempt assets for individuals from 6th April 2012.
See TCGA 1992 s252