I have a client with quite a lot of cash in non-GBP accounts.
This is an individual.
They have in the past tax year dabbled with some trading between the accounts, but its still "investment",
Eg USD to Euro, then to Yen, and back to USD, and some came back to the UK into GBP. There is no foreign currency spending other than fees.
I dont think HMRC would accept this as a "trade" and an income tax issue (which is a shame due to current year losses and big gains in 2017/18)
I am aware FX gains/losses are taxable as CGT.
However are all trades "realised" (when moving between currencies) or just ones back to GBP?
Ie do I need to look at all the trades (converting back to GBP each time) or can I look at this as a "black box" and do a a/(a+b) type comp on the remaining pot?
I seem to recall this changed about 5-10 years ago and struggling a bit so could do with a pointer as I feel I am looking up the wrong stuff and hitting dead ends when trying to research, but this must be all pretty standard stuff if you do it regularly.