As a resident in Canada, I am planning to open a brokerage account in the UK.
Law dictates that any gains are reportable to Canada Revenue. 50% of these gains are taxed to the personal income tax bracket. But how about the UK ? Would there be any double taxation ? As I am a non-resident in the UK, yet the gains are made IN the UK, I am worried that I could fall victim to double taxation. Any advise from anybody ?
Hi Untaxforex, you only pay taxes in the country that you live in. That’s it. 
Hi
I am new to forex trading still at the learning stage. I live in the UK and was wondering what percentage of tax that i would have to pay
wrtm_19, hope this won’t sound too stupid a question but ‘hypothetically’ 
lets say one lost money. Does it need to be reported as a loss? Or can I move on and start fresh reporting from a new deposit?
You might want to report the loss because 50% of it can be used to reduce your overall taxable income.
Forex Trading: Income or Capital Gain Tax in Canada? | Quantisan.com
Oh no stupid at all, taxes sound complex specially when related to something not quite ‘popular’ and I see SweetPip already answered the question.
It depends entirely on how much you make in a year and therefore which tax bracket you’re in. For example, if you earn £0 - £37,400 in a year (from all sources, salary, forex profits, interest from savings etc) you’ll fall in the Basic Rate bracket and pay 20%.
This is just an example, so don’t take it as gospel. The point I’m trying to make is that how much tax you pay depends on how much money you make (as usual).
You can only use the loss as a [B]capitol loss to offset any capitol gains[/B] you may have had.
[B]The loss is not a taxable deduction like a donation to charity or RRSP contribution[/B] If you have claimed it as a deduction, you better have your fingers crossed that CRA doesn’t look at your return to closely.
The good thing is you can carry a Capitol Loss forward indefinately, to use when ever you do make some kind of Capitol Gain.
So in essence it is a tax deduction waiting for you to use once you make a capitol gain. this applies for Canadian Taxes, I don’t know about the UK.
So in essence, if I keep a record of the losses, then when I make some gains (IF :p), then I can use it to offset a bit?
I’ll keep it in mind!