Would using IBKR to convert FX be Considered Remittance into the UK ?

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nacra6
Posts: 1
Joined: Wed Sep 21, 2022 5:05 am

Would using IBKR to convert FX be Considered Remittance into the UK ?

Post by nacra6 »

Hi guys,

I am new here, searched for an answer but couldn't find it hence the post.

Basically I am a UK tax resident with money kept off-shore under the UK's remittance basis (I pay UK tax if remitted into the UK).

I have an Interactive Brokers account (IBKR) with Interactive Brokers UK.

I want to fund the IBKR account with off shore money, convert into another currency (since IBKR rates are superior) and then wire it to the original jurisdiction.

Anybody knows in which country IBKR customer funds are held? Would the activity described above considered remittance of off shore money into the UK (and thus taxed)?

Many thanks.
glorat
Posts: 973
Joined: Thu Apr 18, 2019 2:17 am

Re: Would using IBKR to convert FX be Considered Remittance into the UK ?

Post by glorat »

I suggest asking IBKR directly yourself in terms of where funds of different currencies are held on your behalf and/or custodied. They tend to be responsive on such matters.

My general guess is that that USD is custodied in US, GBP in UK etc, based on the bank accounts they use for remittance with clients.
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