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FOREX gain on USD bank account - LLP

FOREX gain on USD bank account for UK LLP - taxable or not?

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My client is an LLP with all its investments in USD. They also have a bank account in USD. Due to the decline in value of GBP against USD, there is an exchange gain at the year-end. My question is how the FOREX gains will be treated in the partnership tax return and are these taxable for an individual member?

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By clark.hall
29th Jul 2019 17:14

Each member will be taxed on their share of gain under CGT rules

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By Accountant_in_name_only
30th Jul 2019 08:23

And how this gain will reflect in partnership tax return?

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