Cryptocurrency

[The Spartan]

So are you saying no CGT just because you've held for more than a year? Not sure if thats strictly correct is it?

Where have you been? I've been waiting for you to show up lol

[scooterscot]

So are you saying no CGT just because you've held for more than a year? Not sure if thats strictly correct is it?

My accountant here in Germany sagt mir told me! Smeging Deutsch is polluting me head:

"thanks and happy new year to you, too. If you receive capital gains form bit coins within one year (period between purchase and sale), these would be taxed by Germany with your normal tax rate. If period is longer than one year, no tax implications. Source of monies invested (savings in UK) does not play any role here. "

And it matter's not if you're trading with other crypto's, what matters is when it becomes FIAT again.

[scooterscot]

Well someone is feeling bullish:

[scooterscot]

BrilloCoins are up 2000% today. Due to huge demand you will be limited to £10000 each. Entrance will be closed tomorrow.

Get in before you regret it for the rest of your life.

Looking back at some of the old posts brings a

[TheGreenBastard]

My accountant here in Germany sagt mir told me! Smeging Deutsch is polluting me head:

"thanks and happy new year to you, too. If you receive capital gains form bit coins within one year (period between purchase and sale), these would be taxed by Germany with your normal tax rate. If period is longer than one year, no tax implications. Source of monies invested (savings in UK) does not play any role here. "

And it matter's not if you're trading with other crypto's, what matters is when it becomes FIAT again.

The last part isn't true for UK or Germany - doesn't need to be fiat.

[mrdonuts]

if thats the case how are they going to establish the exchange rate between whatevercoin and the pound or euro at the time of sale??

[TheGreenBastard]

if thats the case how are they going to establish the exchange rate between whatevercoin and the pound or euro at the time of sale??

Easy, it's your responsibility to calculate profit/loss at point of trade. According to some American friends, IRS also takes this stance.

Trading BTC to ETH for example is a taxable event; at point of trade what was the asset worth? What was your original outlay? CGT is then trivial to calculate. You now have your asset cost for ETH, which is your value of BTC (in the currency you pay taxes in) for when you liquidate / buy other cryptos.

In Germany if you held the ETH for 365+ days it's tax free. If your BTC was held for less than a year that is taxed.

[Hobosapien]

Come on Bcash - I've got far too much tied up in this coin than I should. $8k would be great whenever you're ready.

Seen news/rumour of Bitcoin Cash hard forking into Bitcoin Candy in next couple of days.

Current price rise is people piling in ready to get the free coins, due at a specific block.

[mrdonuts]

i have 500 eth and i convert to 10000 zen then zen shoots up 22% i then convert to dogecoin

how do i calculate the CGT in that scenario

theres no boe exchange rate to reference

[mrdonuts]

i have 500 eth and i convert to 10000 zen then zen shoots up 22% i then convert to dogecoin

how do i calculate the CGT in that scenario

theres no boe exchange rate to reference

from hmrc
CT, IT and CGT treatment of Bitcoin and similar cryptocurrencies
As with any other activity, whether the treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies will be subject to CT, IT or CGT depends on the activities and the parties involved.

Whether any profit or gain is chargeable or any loss is allowable will be looked at on a case-by-case basis taking into account the specific facts. Each case will be considered on the basis of its own individual facts and circumstances. The relevant legislation and case law will be applied to determine the correct tax treatment. Therefore, depending on the facts, a transaction may be so highly speculative that it is not taxable or any losses relievable.. For example gambling or betting wins are not taxable and gambling losses cannot be offset against other taxable profits.