stock market crash

[_V_]

[jamesbrown]

If you sell crypto and declare the profit as CG on your self-assessment return, putting "gains from crypto" in the white space, and HMRC accept the tax then how can it not be legitimate?

Have there been actual reports of people being refused house purchases because the money came from the sale of crypto?

Ah, but is it a capital gain or is it income? The average backwoods cryptotwerp will either assume that no tax is due (taxation is theft etc.) or will, at best, assume it’s a capital gain. Many will be buying/selling regularly, in which case it’s income and they will have significantly underpaid tax. Even if you’re prepared to ignore the strong scammy smell that emanates from crypto, you can see why most banks won’t go near it. It’s still essentially unregulated, which is what attracts the bunker dwellers.

[AtW]

as long as you can prove you put £x into your wallet on date A when the crypto was valued at P1, then sold crypto on date B when crypto was valued at P2, and this equates to the value in your bank account then you have proven where the funds have some from.

No, that's only good for taxes to calculate CGT.

What you won't be able to prove is that "fiat" that you got your dirty tulipcoins converted to is clean enough, or even if the tulipcoins you "withdrawn" from "exchange" are clean

[TwoWolves]

If you sell crypto and declare the profit as CG on your self-assessment return, putting "gains from crypto" in the white space, and HMRC accept the tax then how can it not be legitimate?

Have there been actual reports of people being refused house purchases because the money came from the sale of crypto?

Government are like children, they want everything both ways. No good applying logic, politics is devoid of logic.

[Whorty]

Paying tax on laundered money does not make prior non-tax related crimes disappear.

Property in the UK is a far bigger risk to money laundering than crypto, and yet we're still allowed to buy and sell property.

Crypto may well be used to launder money, but that doesn't make all money in crypto dirty.

[Whorty]

If you sell crypto and declare the profit as CG on your self-assessment return, putting "gains from crypto" in the white space, and HMRC accept the tax then how can it not be legitimate?

Have there been actual reports of people being refused house purchases because the money came from the sale of crypto?

This is just about AtW's dislike of crypto - it's still currently a legit asset class in the UK, so as long as you can prove you put £x into your wallet on date A when the crypto was valued at P1, then sold crypto on date B when crypto was valued at P2, and this equates to the value in your bank account then you have proven where the funds have some from.

It doesn't need a lie, or a forensic accountant. It just needs a few clicks of the computer and access to your own bank account.

Pay tax to HMRC and all is fine

[AtW]

Obviously soon there will be another box to check confirming money are not derived from any of the scams such as tulipcoons

Should not be a problem since “fiat” is so old news, people with tulipcoins should just use them among themselves as means of payment for their houses

[AtW]

They got it from their brother.....where did they get it from? An uncle in a far away land.
Seriously, for banks it is just a box ticking exercise. They tick a box on a computer screen "Family gift"

Yeah, just a box ticking exercise - all in writing, very nice evidence for committing bank fraud

[AtW]

AtW hates crypto so much he's invested all his money in one of the biggest manufacturers of chips used to mine the stuff.

Sold NVIDIA sadly when it was 5 times lower stock price

[AtW]

If you sell crypto and declare the profit as CG on your self-assessment return, putting "gains from crypto" in the white space, and HMRC accept the tax then how can it not be legitimate?

Paying tax on laundered money does not make prior non-tax related crimes disappear.