I have a somewhat complex tax question related to forex transactions and moving to a different country. Here's the scenario:
I'm a UK resident, and I sold GBP to buy USD in order to purchase American stocks. I plan on holding these stocks for a long time, possibly 30 years. Now, let's say that after 30 years, I decide to sell the stocks and the USD to buy back into another currency. However, instead of moving back into GBP, I move into CHF because I've since moved and become a resident of Switzerland.
How would the taxation work on this currency exchange? I understand that in most cases, one would owe tax on any gain or loss realised from the currency exchange when you sell the USD to buy back into the original currency. But in this case, I'm buying into a different currency than I started with (CHF instead of GBP).
Does anyone have experience with this kind of scenario or have insights on how this might work from a tax perspective? Any advice would be greatly appreciated!