Yes, U.K. residents must report their worldwide income in the U.K. – including any gains from forex trading. That said, there is an exception for tax obligations if you are trading forex via spread betting. Gains from forex spread betting are tax-free for UK residents, while gains from regular forex trading are not exempt, and are taxed accordingly. Additionally, forex trades do not incur the U.K.’s stamp duty tax obligation, which applies to any online or offline share trading. It’s also worth mentioning that there is a small tax exemption of up to £1,000 provided by the UK tax authority HM Revenue and Customs (HRMC) available to certain individuals. If your capital gains from trading over a calendar year do not exceed £1,000, you may not need to pay taxes on thatincome (though you may have to register for a self-assessment with the HRMC). Note: Claiming this exemption may prevent you from claiming other exemptions of greater value (such as capital allowances). It’s always prudent to consult a tax advisor; each person has unique financial circumstances and applicable tax elections may vary.