Wash sale rule for day traders

[demetri]

How does the wash sale rule effect day traders in the UK?

Trading equities and basic options.

Say this month I have traded TSLA over 100 times, but I am close to break even as of now. Does that mean I could owe a ton of tax?

Please use the above example for trading equities and options.

Thank you for your time and help.

 

[BigDeal]

In the UK HMRC have their own rules which have some similarities - known as the 'bread and breakfast' rules.

 

[demetri]

In the UK HMRC have their own rules which have some similarities - known as the 'bread and breakfast' rules.

Thank you for that, but does this effect us in the UK, day trading US stocks? Also in my e.g above, would that be effected?

Thank you again

 

[BigDeal]

In the main, you report your taxes in your own country, and the UK have reciprocal tax arrangements with other countries including the US, which generally covers any liability. However, it may not be a s straightforward if you are using non a UK broker. You may need to get accountancy advice, or even ask HMRC directly - they may not be everyone's friend but they will help you get it right, or point you in the right direction at least.