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Tax on Binary options trading/forex trading

  • 13-06-2016 8:39pm
    #1
    topgolfer101
    Closed Accounts Posts: 28 ✭


    I was wondering what tax,if any, do you pay on money made in trading the foreign exchange online? If so what is the name and what are the amounts.
    Thanks


Comments

  • #2
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    Foreign currency is subject to Capital Gains Tax unless it's in the nature of a trade then it's Income Tax, PRSI & USC.


  • #3
    super ted rules
    Registered Users, Registered Users 2 Posts: 31 ✭super ted rules


    topgolfer101 wrote: »
    I was wondering what tax,if any, do you pay on money made in trading the foreign exchange online? If so what is the name and what are the amounts.
    Thanks

    What online products are you using?

    Betting is not subject to capital gains tax, for example, spread betting is not subject to capital gains tax.


  • #4
    vrs_tom
    Registered Users, Registered Users 2 Posts: 6 ✭vrs_tom


    Hi, may i revive this thread with a relative question please.

    Are profits made from FX trading using IQ Options taxable.

    (IQ Options is the software platform)

    Appreciate any guidance here


  • #5
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    I'm no expert, but it's very unlikely that the tax treatment of FX transactions is going to depend at all on the software platform used to make and execute the trades. So, odds are that profits made from "FX transactions using IQ options" are taxed in exactly the same way as profits made from FX transactions generally.


  • #6
    vrs_tom
    Registered Users, Registered Users 2 Posts: 6 ✭vrs_tom


    Peregrinus wrote: »
    So, odds are that profits made from "FX transactions using IQ options" are taxed in exactly the same way as profits made from FX transactions generally.

    Thanks for the reply,

    I asked the question incorrectly. I mentioned IQ Options just for additional information as to how i was interested in trading.

    My direct question is, how are binary options taxed. Are they considered gambling, therefore N/A, or are they taxed through the PRSI / USC process, or other....


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  • #7
    aindriu80
    Registered Users, Registered Users 2 Posts: 1,968 ✭✭✭aindriu80


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