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Tax on Forex

  • 25-09-2013 8:19am
    #1
    bri321
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi all,

    Can someone clarify this for me. I know gambling is tax free andin the UK currency trading is considered gambling and therefore also taxfree. But what about Ireland.

    Is foreign exchange trading/betting tax free in Ireland. For example, if I 'bet' that USD/GBP will goup or down - sometimes I will lose, sometimes win. Are profits from this considered gambling andtherefore tax free?
    Thanks,
    Bri


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Lots of documents on the revenue site about this. It seems pretty clear but I will not interpret it for you.

    Google for "capital gains on foreign exchange" to find more. http://www.revenue.ie/en/about/foi/s16/income-tax-capital-gains-tax-corporation-tax/part-19/19-01-14a.pdf


  • #3
    NewApproach
    Registered Users, Registered Users 2 Posts: 2,191 ✭✭✭NewApproach


    The tax treatment depends entirely on the mechanism you use to profit from such movements. Spread betting, holding currency, derivatives etc would not necessarily but subject to the same tax regimes in Ireland, despite all deriving benefit from the same underlying movements of exchange rates.


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