Trading Taxing the money made in Forex market?
Question by ironmaj: Taxing the money made in Forex market?
I live in UK!
First Question: Do I need to pay tax on the money which I have made in forex Market (Foreign Exchange)? Somebody told me TAX already is included in the pair spread and you don’t need to pay any extra tax! Something like spread betting that is tax free!
Second question: If I have to pay tax on the money made in forex market, How would I pay it? I am full-time employed somewhere else and my current company takes care of taxing my current income. What is the most efficient way of taking care of this extra money?
Best answer:
Answer by Ramesh N
Yes You have to pay tax on forex income. In USA we declare on our tax return income you received from forex trading. You should consult your tax consultant regarding this. Hey when you are making money in forex paybe a problem.
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