Is Foreign Currency Trading for investment purposes classed as commodity trading or Bureau De Exchange?
I'm started a limited business for self employment. One of the main reasons is to reduce the taxable compound interest on my trades. I have been active for a while, and am now in a position where I'm above the capital gains threshold (also known as I was planning to use the SIC for trading on own account. This includes commodity and stock for investment purposes. I cannot find one for currency trading such as Forex. The only other option I can identify is brokerage (that does not affect me) and Bereau de Exchange. Does anyone know what financial class constitutes as currency trading for investment purposes? Does anyone know what licenses the limited company may need to obtain to trade on its own account? Thanks in advance!
Does the UK SIC class Foreign Currency trading as commodities, Bureau De Change or otherwise?
I'm started a limited business for self employment. One of the main reasons is to increase tax efficiency, among other contracting reasons, and am now reaching beyond the capital gains threshold. I am also aware the activity can be classed as trading, in which the change in taxation would impact compound interest. I was planning to use the SIC code for trading on own account, 64991, for commodity and stock trading on own account, or holding account, 64209. I cannot find an SIC code specifically for foreign currency trading. The only other option I can identify is brokerage (that does not affect me) and Bureau de Change (I am not acting as an intermediary off foreign currency exchanges, and not relying on arbitrage or spread). Does anyone know what financial class constitutes as currency trading for investment purposes? Does anyone know what licenses the limited company may need to obtain to trade on its own account? Would the SIC class 66110 be required for the creation of internal tools, given the company is classed under 62012? Any guidance or help is much appreciate! Thank in advance!
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Foreign Currency Trading. On September 10, 2010, the CFTC published in the Federal Register final regulations concerning off-exchange retail foreign currency transactions. (75 Fed. Reg. 55410.) The rules implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Food, Conservation, and Energy Act of 2008 ... Foreign exchange trading was once something that people only did when they needed foreign currency to use when traveling in other countries. This involved exchanging some of their home country's currency for another at a bank or foreign exchange broker, and they would receive their foreign currency at the current exchange rate offered by the ... The currency market, or forex (FX), is the largest investment market in the world and continues to grow annually.On April 2010, the forex market reached $4 trillion in daily average turnover, an ... Be aware, however, that currency trading involves significant risk and individuals can lose a substantial part of their investment. As technologies have improved, the Forex market has become more accessible resulting in an unprecedented growth in online trading. ... Finally, it cannot be stressed enough that trading foreign exchange on margin ... Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or tourism. According to a recent triennial report from the ...
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