Are Forex profits taxable UK?
The answer is Yes and No.
If you are a broker trading with investors money for profit, then you are running a business and you ought to pay capital gain taxes. That is quite understandable.
However, if you are an independent trader using your personal funds, you aren't required to pay taxes. This is due to a gap in the Revenue law called "Spread Betting." The term Spread Betting is equivalent to gambling in the UK, and you are not required to pay taxes from earnings made gambling.
cityfxbroker.com found this loophole in the Revenue tax law and uses it to provide trading services to UK residents to ensure they don't pay taxes from their earnings. Basically, you will be trading Forex using the cityfxbroker.com platform, and you will not be required to pay taxes on the profits.
The reason you will not be paying taxes is that your trading under cityfxbroker.com is classified as Spread Betting.
The government sees Spread Betting as gambling and so they don't tax it. There are so many professional trading accountants in the UK who have investigated this topic and confirmed that all personal trading should be considered as gambling and is not taxable.