Bitcoin

[deleted user 436632456]

I wonder is bitcoin one of the greatest rug pulls off all time,
Mark tilbury called it beautifully a few weeks ago on his YouTube channel saying it’s a house of cards ready to collapse at any time once the inventor thinks it’s reached it’s required height.

 

[oil barron]

I see, anyone actually make a capital gain to pay tax on then? and if you use them to buy a telsa (if you still can) does that crystallise the gain?

In America it would be counted as capitalizing the gain and then buying the Tesla with $$. Not sure about UK.

You can now buy a Tesla with bitcoin. But you may be hit with a big tax bill

Paying for a Tesla with bitcoin may have major tax implications, and could make the transaction far more expensive than paying with cash.

www.google.com

 

[Macsky]

View attachment 1012038

I wonder is bitcoin one of the greatest rug pulls off all time,
Mark tilbury called it beautifully a few weeks ago on his YouTube channel saying it’s a house of cards ready to collapse at any time once the inventor thinks it’s reached it’s required height.

I was at a shinty training session last year and heard a few of the young boys banging on about the money they were investing in bitcoin…….that meme hits the nail square on the head…….put me right off it!

 

[Exfarmer]

In America it would be counted as capitalizing the gain and then buying the Tesla with $$. Not sure about UK.

You can now buy a Tesla with bitcoin. But you may be hit with a big tax bill

Paying for a Tesla with bitcoin may have major tax implications, and could make the transaction far more expensive than paying with cash.

www.google.com

Any time you dispose of an asset you chrystalise a gain and in theory you should pay the tax
Exchanging it for something fundamentally different such as bitcoin for a car definitely should be included in this.
But it is far more complex in the UK as trading in personal items is not a taxable gain . So sell your house no CGT liability, nor your car or stamp collection. So it is very hazy whether those 10 bitcoin you bought on Ebay for a laugh for ten pounds, 15 years ago and is now worth mega x millions is subject to tax or not

 

[The Seeker]

I’ve been pondering bit coin and i think it could go wayyy up, there simply so much money around and once the young start comming to the workforce I see them spending on Bitcoin it’s as almost an attitude , don’t get me wrong I think it’s odd but I’m old , I wish I’d bought 5k apple shares in 1998 but I didn’t as I didn’t know how, now everyone’s a pocket trader…. I think it will dip but then it could go ballistic

 

[Yale]

Any time you dispose of an asset you chrystalise a gain and in theory you should pay the tax
Exchanging it for something fundamentally different such as bitcoin for a car definitely should be included in this.
But it is far more complex in the UK as trading in personal items is not a taxable gain . So sell your house no CGT liability, nor your car or stamp collection. So it is very hazy whether those 10 bitcoin you bought on Ebay for a laugh for ten pounds, 15 years ago and is now worth mega x millions is subject to tax or not

Easy,just take the computer to the Cayman Islands then start it up and cash them in.

 

[oil barron]

Any time you dispose of an asset you chrystalise a gain and in theory you should pay the tax
Exchanging it for something fundamentally different such as bitcoin for a car definitely should be included in this.
But it is far more complex in the UK as trading in personal items is not a taxable gain . So sell your house no CGT liability, nor your car or stamp collection. So it is very hazy whether those 10 bitcoin you bought on Ebay for a laugh for ten pounds, 15 years ago and is now worth mega x millions is subject to tax or not

It’s not hazy at all. crypto are counted as tokens and subject to CGT. If you don’t report it you are committing fraud.

 

[oil barron]

Easy,just take the computer to the Cayman Islands then start it up and cash them in.

Only if you stay out of the Uk for 5 years.

 

[DaveGrohl]

View attachment 1012038

I wonder is bitcoin one of the greatest rug pulls off all time,
Mark tilbury called it beautifully a few weeks ago on his YouTube channel saying it’s a house of cards ready to collapse at any time once the inventor thinks it’s reached it’s required height.

At some point in the future the term ponzi scheme won’t be used any more, it will have a successor.

 

[Exfarmer]

It’s not hazy at all. crypto are counted as tokens and subject to CGT. If you don’t report it you are committing fraud.

While I sympathise 100% with your viewpoint it is just not as simple as that. A capital gain is only taxable as such if it is done as a recognised venture. So art which I would suggest is the greatest scam of all is outside CGT!
There is no simple answer to the bitcoin since you could take 10,000 for a pizza in 2010 and buy a Tesla with 1 in 2022 , where is the gain?

 

[oil barron]

While I sympathise 100% with your viewpoint it is just not as simple as that. A capital gain is only taxable as such if it is done as a recognised venture. So art which I would suggest is the greatest scam of all is outside CGT!
There is no simple answer to the bitcoin since you could take 10,000 for a pizza in 2010 and buy a Tesla with 1 in 2022 , where is the gain?

There is a very simple answer for Bitcoin.

Cryptoassets

Find out how HMRC will tax people who use cryptoassets such as cryptocurrency or bitcoin.

www.gov.uk

 

[Yale]

Only if you stay out of the Uk for 5 years.

Think I could manage that…….

 

[Lincsman]

While I sympathise 100% with your viewpoint it is just not as simple as that. A capital gain is only taxable as such if it is done as a recognised venture. So art which I would suggest is the greatest scam of all is outside CGT!
There is no simple answer to the bitcoin since you could take 10,000 for a pizza in 2010 and buy a Tesla with 1 in 2022 , where is the gain?

That would be a loss you could offset, if you buy a few BP shares with your private money it is subject to every tax going.

 

[Exfarmer]

There is a very simple answer for Bitcoin.

Cryptoassets

Find out how HMRC will tax people who use cryptoassets such as cryptocurrency or bitcoin.

www.gov.uk

If only!

 

[Flatlander]

I’ve been pondering bit coin and i think it could go wayyy up, there simply so much money around and once the young start comming to the workforce I see them spending on Bitcoin it’s as almost an attitude , don’t get me wrong I think it’s odd but I’m old , I wish I’d bought 5k apple shares in 1998 but I didn’t as I didn’t know how, now everyone’s a pocket trader…. I think it will dip but then it could go ballistic

With inflation chipping away at everyones Wallets the younger generation for sure won’t have money to squander on anything but day to day living. if the older generation are still finding it a struggle to keep bills paid I cant see the younger ones with no money management experience making a killing out of Bitcoin.

 

[Fake it ‘til you make it]

Look up NFT’s . Centuries ago the story of the emperors clothes was written. Now it is being rewritten. I suspect that Bitcoin belongs there too

Just said to my brother, the whole thing feels like the tech boom, when people would buy any old shite with .com in the name

 

[oil barron]

If only!

If you have had any crypto currency gains I would highly recommend being transparent with them. HMRC are making it known that they are willing to pursue criminal charges for tax evasion of Crypto, which is very unusual for them. They usually prefer a proposed fine in exchange for compliance approach.

Crypto: a new focus for HMRC investigations

Crypto: a new focus for HMRC investigations

www.cms-lawnow.com

 

[Still Farming]

If you have had any crypto currency gains I would highly recommend being transparent with them. HMRC are making it known that they are willing to pursue criminal charges for tax evasion of Crypto, which is very unusual for them. They usually prefer a proposed fine in exchange for compliance approach.

Crypto: a new focus for HMRC investigations

Crypto: a new focus for HMRC investigations

www.cms-lawnow.com

With so much so called "black or laundered " money allegedly involved in cryptocurrencies allegedly how or who to they chase , not just any gain but where it came from in the start?

 

[oil barron]

With so much so called "black or laundered " money allegedly involved in cryptocurrencies allegedly how or who to they chase , not just any gain but where it came from in the start?

They are leaning on the wallet providers to hand over the details. From there they will send a “nudge” letter to you if they see you are holding or have sold crypto and ask if there is anything you would like to tell them.

They can also check with the banks to see if you have been given money by any wallet or crypto broker.

 

[Still Farming]

They are leaning on the wallet providers to hand over the details. From there they will send a “nudge” letter to you if they see you are holding or have sold crypto and ask if there is anything you would like to tell them.

They can also check with the banks to see if you have been given money by any wallet or crypto broker.

So will the criminal fraternity worry?