How the tax report works

The rules behind the capital gains report, country by country, and where every number comes from.

Which rules apply

The report reads the country on your account. Each country has its own engine, written from that authority's own published guidance:

• United States. First in, first out. Short and long term split at one year. Wash sales: a loss is disallowed when the same stock is bought within 30 days before or after the sale, and the disallowed loss is added to the cost of the new shares (IRS Publication 550). Crypto, futures and currencies are outside the wash-sale rule.
• United Kingdom. HMRC share matching: same-day purchases first, then purchases in the following 30 days, then the Section 104 pool at average cost. Sterling at each trade's own date. Tax year 6 April to 5 April. No short or long split.
• Canada. Adjusted cost base: one average cost per holding, recomputed at each purchase. The superficial-loss rule: a loss is denied when the same security is bought within 30 days either side of the sale and is still held 30 days after. Canadian dollars at each trade's own date. Half of the net gain is the taxable amount.
• France. Weighted average purchase price (PMPA), recomputed at each purchase. Euros at each trade's own date. Crypto is not in this report; it is a separate regime.
• Germany. First in, first out, per account. Euros at each trade's own date. Share losses offset share gains only. Crypto is a private sale: tax-free after one year of holding, shown separately and kept out of the estimate.
• Spain. First in, first out. A loss is deferred when the same security is bought within two months either side of the sale, and carried onto the cost of the repurchased shares.
• Australia. First in, first out. Tax year 1 July to 30 June. Losses reduce gains first; the 50% discount applies to what is left on assets held for more than 12 months.
• Everyone else. First in, first out, in US dollars, with a short and long term split at one year.

Where the cost comes from

A sale is matched to the purchases recorded on your account. If no purchase record exists, the opening cost is taken from the holding as you entered it, and the report says so on that row. A sale with no cost anywhere is listed as unmatched, never silently priced.

Exchange rates

Each leg of a trade is converted on its own day. Where we hold a daily rate for that day, the report uses it and labels the row "daily". Where we do not, it uses today's rate and labels the row "today". A currency pegged to the dollar uses its fixed rate. Nothing is converted silently.

Fees

Purchase fees join the cost. Sale fees come off the proceeds.

What stays on simple FIFO

Short positions, futures, currency pairs and indices are matched first in, first out in every country, and the row says so.

Tax estimates

Where a flat rate exists (France, Germany, Spain), the report shows an estimate at that rate, labelled as an estimate. Elsewhere it gives the taxable amount only, because the rate depends on your income.

What the report cannot know

Trades made before you started recording them, holdings in accounts you have not connected, and anything typed wrongly. The report is as complete as the trades on your account. The profit and loss page explains why the dashboard and the tax report can show different figures for the same sale.

Tell us

Found a figure that does not match what you expected? Use the contact page and tell us which holding or which trade. We read every report.

This page was published on 8 October 2026. It describes the product as built; when the method changes, this page changes with it. It is not tax advice.