[topbanana]

You say they're basic. But in the U.K. currency speculation profits are tax free

[raverbashing]

You have to check if it's considered as currency trade or capital gains (=profits)

[qeternity]

Not true. Spread betting is tax free, which most retail FX trading is conducted as. But people don't realize they are paying huge implicit trading costs to do this. And institutional investors (who certainly don't use spread betting accounts) pay ordinary rates on FX trading just like anything else.