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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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USD income on UK tax return Background: I live in UK and

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USD income on UK tax return

I live in UK and receive income from my part-time forex trading in USD, which I need to declare in GBP on the tax return. The conversion factor to GBP varies over time, and depends on what site you look at for conversion rate. The money only gets converted into GBP if I withdraw, but I'm not withdrawing inorder to re-invest the funds.

Please advice when to convert to GBP and what's the best reference/website to look up exchange rate.

You can use the average exchange rate for the year to the 31 March that ends in the tax year. You'll find these here.

I hope this helps but let me know if you have any further questions.
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Customer: replied 3 years ago.

Thanks for the spot on answer and speedy service.. fantastic

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Thanks for accepting my answer so rapidly.

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