Is Crypto the new contracting?

[SimonMac]

That would be a good outcome and I expect some will get out in time. The real shock will be for the greater fools left holding crypto when the bubble bursts.

Not sure what is worse, losing something you never really had, or the tax man coming to take a massive chuck after you think you are in the clear

[BrilloPad]

Not sure what is worse, losing something you never really had, or the tax man coming to take a massive chuck after you think you are in the clear

Presumably that is capital gains tax?

I am sure there is a scheme that can evade that.....

[SimonMac]

Presumably that is capital gains tax?

I am sure there is a scheme that can evade that.....

How'd that work out for you last time?

[BrilloPad]

How'd that work out for you last time?

No-one seems willing to talk about the outcome on CUK.....

[northernladyuk]

Presumably that is capital gains tax?

I am sure there is a scheme that can evade that.....

You're not getting married again?!

[TheGreenBastard]

Why March 31st? Japanese related? Will gold go up or down?

BTW are crytpt gains tax free? income and capital gains?

Nope, taxed (CGT) in the UK (and Germany if a single trade is kept for less than a year).

Both in the UK/DE "liquidating" between cryptos qualifies for tax on the event (e.g. buying ETH with BTC = taxed).

[Jog On]

It's taxed as good old 'massive chunk' CGT with the £11,300 (or whatever the actual number is) tax free allowance. I'm sure if one were to cash out regularly and live solely off it that would be considered as 'massive chunk' income tax.

AFAIK there isn't a separate 'massive chunk' tax rate for crypto so it's taxed just like everything else. Shock horror!

Still on the upside it gives you lot something to argue about and make yourselves feel clever predicting the 'massive bubble burst' - and thos of us in it are making serious bank - it's all good

I believe cashing out to FAIT has already occured without banks closing accounts or SAS men crashing through the windows.

Anyway - won't stand in the way of a good arguement - carry on!

[cojak]

Well, I suppose you could just [SHOCKHORROR] pay the correct amount of tax on Crypto income. [/SHOCKHORROR]

[Jog On]

Well, I suppose you could just [SHOCKHORROR] pay the correct amount of tax on Crypto income. [/SHOCKHORROR]

Who's suggesting not paying tax on it?

Of course one should pay tax on any investment gains whatever the vehicle - no?

[BrilloPad]

Nope, taxed (CGT) in the UK (and Germany if a single trade is kept for less than a year).

Both in the UK/DE "liquidating" between cryptos qualifies for tax on the event (e.g. buying ETH with BTC = taxed).

Well, I suppose you could just [SHOCKHORROR] pay the correct amount of tax on Crypto income. [/SHOCKHORROR]

One thing I would say about HMRC. The correct amount of tax is clearly set out and defined.

It would be funny if certain millionaire posters lost all their crypto holdings in the coming crash. Then made bankrupt by the unbudgeted tax bill.

I remember a trader at Lehman. Bought a really big place with mortgage. Secured on Lehman shares!

Ended up living with his parents.....