Some Questions, Tax and Swap

Hi all,

I know that forex is Taxable in the UKbutcan anyone explain how this works? Is this done automatically through the broker or do you need to fill out some tax return? Also are your profits only taxable when you withdraw the money from your account?

Also what is Swap? There is a column on my demo account summary titled swap, and some trades have a value here and the rest have zero. What and why is this there?

Thanks for any help

Kev

I know the laws are different in the USA than UK. Here you have to request a printout of profit or loss from the broker. Most do not give you anything. Also in the USA taxes depends on the type of account you hold. A regular trading is taxable where as a IRA account is not untill you withdraw the money. BUt hopfully someone in your area can answer this better than me on the other side of the pond.