Hi,
I am about to commence entering into Contracts for Differences.
I will enter into at least 60 different contracts for difference during a tax year, with part or full closure (disposal) of all of these contracts during the year.
I am seeking an answer on how the taxable gain/loss would be calculated for CGT purposes.
I have visited HMRC and found http://www.hmrc.gov.uk/manuals/cgmanual/CG56101.htm however the example only explains dealing in one contract for difference at a time.
As I will be dealing in many contracts for difference, my interest charges will be charged on my account and not split out by each contract. Therefore I have no way of allocating these charges to each contract, making the HMRC example quite unclear/basic. Is anyone able to answer how this would work, or point me to a more detailed source? Could I just deduct the annual interest charge from whatever chargeable gain or loss I have, given I cannot allocate them to individual disposals?
Thanks!
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