Question for U. K. Investors......

[BETTYBOOP]

I read on a thread somewhere that when Iraq finally decide to get their act together that here in the U. K. , we will not pay tax on any gains we make. Does anybody know if this is true? If it is could somebody please explain. Thanks in advance.

[Goodlife]

I read on a thread somewhere that when Iraq finally decide to get their act together that here in the U. K. , we will not pay tax on any gains we make. Does anybody know if this is true? If it is could somebody please explain. Thanks in advance.

Cant speak for UK but where I come from its all about a taxable activity intent. ie is it your business to speculate on currencies. If its not then its simply an ordinary savings banking investment which does not attract capital gains tax. You then pay tax on interest only.

[mcjocky1]

I read on a thread somewhere that when Iraq finally decide to get their act together that here in the U. K. , we will not pay tax on any gains we make. Does anybody know if this is true? If it is could somebody please explain. Thanks in advance.

Venetia, did consult her accountants on this matter, and I do believe that there will be some sort of tax deduction or whatever, but will try to contact her as she does not frequent this as much as she used to. Could well be unimportant to yourself as you may well be under different tax legislation in Scotland by the time this "investment" bears any fruit. Best regards Dave.

[sandyf]

I read on a thread somewhere that when Iraq finally decide to get their act together that here in the U. K. , we will not pay tax on any gains we make. Does anybody know if this is true? If it is could somebody please explain. Thanks in advance.

You will pay tax, it is very straight forward. When you purchase currency it is either for speculation or personal use. Even if you could convince the revenue that it was for personal use you would be liable on any gains over £200, I suspect most are anticipating a much larger gain. The purchase will probably be treated as speculative and be subject to capital gains at 15 percent. Of course you are free to reduce tour liability by tax evasion, I suspect that many will try.