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Where Taxpayers and Advisers Meet

Income not withdrawn to bank

superconfused
Posts:3
Joined:Tue Jun 25, 2019 10:09 pm
Income not withdrawn to bank

Postby superconfused » Wed Jan 27, 2021 2:47 am

Do I have to pay capital gains on money I have not withdrawn to my account?

If so I have a followup question:

The amount is in USD but my currency is GBP. How do I know what an authoritative USD to GBP conversion rate would be at the exact date and time when the money was received?
As it's a different currency i don't know how the amount should be in pounds and therefore how much tax to pay.

pawncob
Posts:4598
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Income not withdrawn to bank

Postby pawncob » Wed Jan 27, 2021 12:13 pm

Superconfused is an apt name. Can you post a meaningful question please? Full explanation required.
With a pinch of salt take what I say, but don't exceed your RDA

superconfused
Posts:3
Joined:Tue Jun 25, 2019 10:09 pm

Re: Income not withdrawn to bank

Postby superconfused » Mon Feb 01, 2021 11:21 pm

Superconfused is an apt name. Can you post a meaningful question please? Full explanation required.
I think the question was quite clear, but I've solved this problem by downloading the list of currency exchange rates for the month.

superconfused
Posts:3
Joined:Tue Jun 25, 2019 10:09 pm

Re: Income not withdrawn to bank

Postby superconfused » Mon Feb 01, 2021 11:22 pm

The lists are shown here in case anyone else is asking a similar question: https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2021-monthly

bd6759
Posts:3511
Joined:Sat Feb 01, 2014 3:26 pm

Re: Income not withdrawn to bank

Postby bd6759 » Mon Feb 01, 2021 11:35 pm

1. Yes

2. As you’ve discovered, the official exchange rate is a matter of public record.


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