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Cryptocurrency

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    Originally posted by scooterscot View Post
    Why is that important? Remember crypto 'addresses' are just that, addresses with no name or physical ID attached. Anyone in possession of the address can withdraw the assets.
    Tax evasion is important.

    Blockchain is public, so as soon as withdrawal is made via one of the "exchanges", all past operations will be visible to HMRC and they'll be able to put out tax demand, most likely at "income tax levels"

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      Indeed it is. But who says it was me that made the withdrawal?
      "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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        Originally posted by scooterscot View Post
        Indeed it is. But who says it was me that made the withdrawal?
        Well, that's easy - once "exchanges" are busted for money laundering, law enforcement agencies will share ID of those who bought/sold "coins" linked to the "wallets", and since blockchain shows ALL transactions it will be easy for HMRC/IRS to establish monetary value of tax evasion, double it up for good measure as penalty, add hefty interest on top.

        By that point the value of "coins" will be next to zero since it won't be possible to actually sell it for real money, BUT your tax liability will be easily calculated based on easily identifiable transactions - they can treat all your incoming "coins" as income

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          If a legal entity say on the channel islands sold my bitcoins and kept the fiat equivalent, what's that got to do with me?
          "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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            Originally posted by scooterscot View Post
            If a legal entity say on the channel islands sold my bitcoins and kept the fiat equivalent, what's that got to do with me?
            As soon as you get your hands on the money from your "entity" (dividends or liquidation or "loan"), then it will have everything to do with you.

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              Ah you're making the assumption I'm going to get my hands on the money. I've no intention. They're other ways to become a beneficiary than accepting cash.
              "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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                Originally posted by scooterscot View Post
                Ah you're making the assumption I'm going to get my hands on the money. I've no intention. They're other ways to become a beneficiary than accepting cash.
                Inheritance?

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                  One possible exit.
                  "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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                    Originally posted by scooterscot View Post
                    One possible exit.

                    So crypto is the best way for evading tax right? Can use a company to pour money in the coins then another entity will get the capital gain in Monaco, Channel Island, Middle East... etc can't wait to make my first million from crypto

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                      So Scoot how is the Ether investment going? You must be up shed loads. That baby is breaking all barriers, next Bitcoin for sure eh?

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