CGT and Foreign Exchange
Dawny
Registered Posts: 62 Regular contributor ⭐
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!
0
Comments
-
Hi @Dawny
Foreign currency bank accounts are exempt assets for individuals from 6th April 2012.
See TCGA 1992 s2520
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 328 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 57 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 203 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 584 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership