In the UK, if I make capital gains and pay CGT, do I have to pay income tax as well?

Question

I have traded on a foreign exchange market for many months and I would like to become a professional. If I pay capital gains tax on my profits, will I also have to pay income tax? I would be really grateful if you could help me out on this one.

Answer 1

No. It's either/or.  Sounds as if you might already have started trading as a business, for which the right tax is income tax rather than capital gains tax.

Answer 2

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