Capital gains for individual investors
For an individual investor, closing a future on a recognised exchange is generally a Capital Gains Tax disposal.
Coming soon
UK Futures Tax Calculator,
close-out by close-out.
Open8 Oct 2021Buy 1 @ 335.9Contract value $33,590Commission $2.82
Close21 Jan 2022Sell 1 @ 385.1Contract value $38,510Commission $2.82
ZM AUG 22Soybean meal · long · ×100
- Price difference
- $4,920.00 × 0.7567
- £3,723.04
- Box 15
- Commissions
- $2.82 + $2.82, each at its month
- £4.20
- Box 16
How Are Futures Taxed in the UK?
Every time you close a future, HMRC counts a disposal for Capital Gains Tax. Close-outs are matched under HMRC's 30-day and pool rules, not your broker's FIFO, so your taxable gain can differ from IBKR's Realized P/L.
Only the price difference counts
Margin is generally collateral, not a purchase cost. The gain is based on the price difference and allowable commissions.
Long and short are separate
A short position is opened by selling and closed by buying back. HMRC matching rules apply to each position.
Why IBKR Realized P/L Isn't Your Taxable Gain.
One real 10-year yield future, 10Y NOV 22, matched two ways.
IBKR Realized P/L
Oldest open position first
7 Nov · sell 1 @ 4.207against the 27 Oct buy @ 3.995+$210.86
15 Nov · sell 3 @ 3.742against the 9 Nov and 10 Nov buys−$795.42
Total−$584.56
HMRC rules
Same day, then 30 days, then the pool
7 Nov · sell 1 @ 4.207against the 9 Nov buy @ 4.084, within 30 days+$121.86£108.23 gain
15 Nov · sell 3 @ 3.742against the Section 104 pool−$706.42£627.42 loss
Total−$584.56
IBKR closes the oldest position first. HMRC matches a buy within 30 days before the pool.
Pricing
We've laid out a proper British spread for you.
Browse the museum for free, or pick a heartier portion.
| Featurescompare plans | FreeMuseumAlways free | Best valueInvestorFish & Chips£29.50£12.95/ year | BusinessHigh Tea£129.00/ year |
|---|---|---|---|
| Report generation | Basic information | 25 full detailed reports | 200 full detailed reports |
| Top-up packs | — | — | Buy more anytime |
| Stock disposals | Up to 10 | Unlimited | Unlimited |
| Crypto disposals | Up to 10 | Unlimited | Unlimited |
| FX gains | ✓ | ✓ | ✓ |
| Dividends & interest | ✓ | ✓ | ✓ |
| Multi‑broker import | ✓ | ✓ | ✓ |
| Detailed per‑trade report | — | ✓ | ✓ |
| PDF export | — | ✓ | ✓ |
| Options trading | — | ✓ | ✓ |
| Futures trading | — | Coming soon | Coming soon |
| Fund reporting (ERI) | — | ✓ | ✓ |
| Private in‑browser processing | — | — | By request |
| Start Free → | Buy → | Buy → |
Always free
Start Free →- Report generation — Basic information
- Stock disposals — Up to 10
- Crypto disposals — Up to 10
- FX gains
- Dividends & interest
- Multi‑broker import
£29.50£12.95/ year
Buy →- Report generation — 25 full detailed reports
- Stock disposals — Unlimited
- Crypto disposals — Unlimited
- FX gains
- Dividends & interest
- Multi‑broker import
- Detailed per‑trade report
- PDF export
- Options trading
- Futures trading — Coming soon
- Fund reporting (ERI)
£129.00/ year
Buy →- Report generation — 200 full detailed reports
- Top-up packs — Buy more anytime
- Stock disposals — Unlimited
- Crypto disposals — Unlimited
- FX gains
- Dividends & interest
- Multi‑broker import
- Detailed per‑trade report
- PDF export
- Options trading
- Futures trading — Coming soon
- Fund reporting (ERI)
- Private in‑browser processing — By request
Futures Tax FAQ
How are futures taxed in the UK?
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Every time you close a future, HMRC counts a disposal for Capital Gains Tax. Close-outs are matched under HMRC's 30-day and pool rules, not your broker's FIFO, so your taxable gain can differ from IBKR's Realized P/L.
Do I pay Capital Gains Tax or Income Tax on futures?
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It depends on your circumstances. A future dealt on a recognised exchange is generally treated as a chargeable asset for an individual (TCGA 1992 s.143); trading activity or an unrecognised exchange can change the tax treatment. Get advice for your own position.
Is margin a cost?
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Margin is generally a deposit held by the broker, not a price paid for the contract (CG56060). The tax calculation is based on the price difference and allowable dealing costs, not the full notional contract value.
How are short futures taxed?
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Opening a short is the acquisition and buying it back is the disposal. HMRC’s example sells two cocoa contracts at £1,900 and buys them back at £1,840: the £1,200 price difference less £10 commission is a £1,190 gain (CG56079).
Which SA108 boxes do futures go in?
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Futures disposals are generally reported under “Other property, assets and gains” on SA108. The applicable boxes depend on the number of disposals, proceeds, allowable costs, gains and losses for the tax year.
Which exchanges count as recognised?
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HMRC lists recognised exchanges in CG56120, including CME, CBOT, NYMEX, COMEX and Eurex. Check the current manual for the exchange and contract you traded before filing.
What about positions still open at the end of the tax year?
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An open position is not a disposal, so it belongs to the tax year in which you close it or it settles.
Are micro and E-mini futures treated differently?
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No. A multiplier changes the contract value, not the matching rules.
Are gilt futures taxed?
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Gains on a futures contract to acquire or dispose of gilt-edged securities are exempt under TCGA 1992 s.115 (HMRC CG56090).
Which brokers are planned for futures?
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Interactive Brokers Activity Statement CSV comes first. Other brokers and crypto perpetuals are not planned.
Will the futures calculator be free?
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Futures will be part of the Investor plan. The free plan keeps its current features and limits.
What happens to futures in my IBKR statement today?
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They are left out of the report, and a warning lists the skipped futures rows. Work out their gains separately for now.