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Taxation on foreign bank account

Posted 21 July 2015 under Tax Questions


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Taxman says:
21 July 2015 at 14:28

I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?

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TaxTimTaxTim says:
21 July 2015 at 15:22

Is this just for money held offshore?


Taxman says:
21 July 2015 at 15:56

Yes, It is for money held in an offshore USD bank account that earns minimal interest.


TaxTimTaxTim says:
21 July 2015 at 16:09

No you do not need to pay tax on the foreign exchange gains and losses.


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