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Your Questions About Forex Accounts Uk The following Question and Answer is brought to you by our Forex Consultant with interaction from members of the Yahoo Answers community.

William asks‌

I am a US based Forex trader opening an account in the UK. Do I file with the US or UK for taxes? I would like to know whether I would simply report my gains on my US federal tax return or would I have to file a tax return with the UK. Also am I subject to any special levies or fees from the UK for having my account there.

admin answers: There are tax treaties between the US and UK intended to avoid double taxation. If you are in the US you would be responsible for paying US taxes. It’s best to consult with a knowledgeable tax advisor. Robert Green of Green Trader Tax gives more detailed answers about this on the DailyFX forums http://forexforums.dailyfx.com/forex-tax/ and he will always be giving some live

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