forex profits,taxable ?

[bananaman1]

Just wondering would the profits from foreign exchange trading be subject to tax ?
Thanks
Bman

[limpsfield]

bananaman1 said:

Just wondering would the profits from foreign exchange trading be subject to tax ?
Thanks
Bman

my understanding is yes, unless they are achieved by spread betting

[ShadownINja]

What he said. And he would know, being in the industry.

Hey, limpsfield, got a question: if I trade spot EUR/USD is it possible to roll it to the next day on IG Index?

[limpsfield]

ShadownINja said:

Hey, limpsfield, got a question: if I trade spot EUR/USD is it possible to roll it to the next day on IG Index?

yep - all dailies can be rolled

[ShadownINja]

limpsfield said:

ShadownINja said:

Hey, limpsfield, got a question: if I trade spot EUR/USD is it possible to roll it to the next day on IG Index?

yep - all dailies can be rolled

I guess the next question is the cost. I think I will just call your helpdesk as I have some other things to ask eg how to trade via charts. Cheers.

[limpsfield]

ShadownINja said:

limpsfield said:

ShadownINja said:

Hey, limpsfield, got a question: if I trade spot EUR/USD is it possible to roll it to the next day on IG Index?

yep - all dailies can be rolled

I guess the next question is the cost. I think I will just call your helpdesk as I have some other things to ask eg how to trade via charts. Cheers.

It's LIBOR plus 2.5% on an annual basis. I don't know what LIBOR is today but let's say 2.5%. So annual finance costs are 5%. This breaks down to roughly, on a £1 per point position on EUR/USD based on it trading at 1.4000, around £1.90 a day. Or peanuts in the great scheme of things...

[ShadownINja]

limpsfield said:

ShadownINja said:

limpsfield said:

ShadownINja said:

Hey, limpsfield, got a question: if I trade spot EUR/USD is it possible to roll it to the next day on IG Index?

yep - all dailies can be rolled

I guess the next question is the cost. I think I will just call your helpdesk as I have some other things to ask eg how to trade via charts. Cheers.

It's LIBOR plus 2.5% on an annual basis. I don't know what LIBOR is today but let's say 2.5%. So annual finance costs are 5%. This breaks down to roughly, on a £1 per point position on EUR/USD based on it trading at 1.4000, around £1.90 a day. Or peanuts in the great scheme of things...

Ah, that's pretty much what Alpari charge. Although they do pay me when I'm long. But as you say, peanuts.