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.
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. Itâ€™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
webinars to explain more.
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