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US shares are purchased and sold in USD. The capital gains tax position is calculated by reference to the sterling equivalent of the USD at the date of purchase and the date of sale. The USD are retained in a US brokerage account. Some time later the USD are converted to sterling.
Is this disposal of the USD relevant for capital gains tax purposes producing either a gain or loss? Or is this transaction covered by the general exemption for foreign currency bank accounts introduced in 2012?
Query 20 076 – Pond Hopper.
To start with establish who has made the currency disposal.
It is not clear if the disposal is by an individual or a company.
If it is by an individual then Pond Hopper is correct that for capital gains tax purposes the gain on foreign currency assets is calculated by reference to...
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