Question: I have an onshore multicurrency trading account that allows purchase across US/UK/EUR markets and settle in several different currencies. These accounts had a nil balance at the start of 08/09. I trade frequently. I can easily calculate the 08/09 capital gain using the same method I actually use to calculate my cumulative profit/loss :- Capital Gain = GBP equivelant of cash balances at 05/09 + outstanding investments at 05/09 - all capital deposits to account in 08/09 + capital withdrawls during 08/09 - net interest & dividend in 08/09 (reported sparately to HMRC as income based on a Consolidated Tax statement from stockbroker)- starting balance (zero) This calculation takes me about 10 mins to calculate and takes into account all stock and fx transactions. On the tax return can I treat the Multicurrency Account as one asset and simply attach this calculation OR do I have to work up this same figure by analyzing every single stock and fx transaction within the account ? . . . (to read the remainder of this article, please log in below.)
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