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hi everyone
if i trade and make money do i still need to pay tax from the profit i make i live in London uk now first the market i trade is forex and some time option for stock market.
now am with MB trading uk from what i know that broker want tell the government about any one profit or loose
so how the government will know how am making money and in trading one month i make money and the next maybe not so will it be at the end of each year and i have to see how much profit i made and pay tax for it and am talking about £1000 to £3000 a month gain or loose.
thanks
Can you help answer these questions from other members on NexusFi?
Assume you don't hold dual citizenship with the US, then you can move to a country without capital gain tax, HK for example. Then you do not have to pay tax.
If you are a US citizen, then regardless where you are, you have to pay tax.
If you are trading your regular IRA or 401k, you don't have to pay taxes until you make withdrawals. If you are trading your Roth IRA, you never have to pay taxes.
It seems no one knows about the UK TAX for full time futures traders. On top of that, they do not know about the prop firm trading. They do not know if you can claim the fees paid to the prop firm. I have inquired and searched on the net without much joy.
to
It would be well appreciated If someone here can suggest a way of finding out.
