stock market crash

[Whorty]

Yeah, very wise to sell your car for that kind of money in cash

The 'cash' I get for my car is a bank transfer. The 'cash' I'd get for selling Bitcoin would be a bank transfer. So stop being pedantic, you know what I meant.

Unless you can prove your assertion that money from the sale of these assets is always considered 'dirty', I suggest you take your bias out of the argument.

And for the record, I'm not defending bitcoin - never owned any so have no skin in the game - I'm just arguing a non-biased point

You might find this useful https://www.lawsociety.org.uk/en/top...ng-in-property

[AtW]

Look, it's very simple - they'll ask where the money came from and you'll either have to lie (criminal offence?) or you mention tulipcoins and that's the end for your transaction.

Nobody sane who values future work would touch money from that source

[jamesbrown]

There's countless examples. It isn't a new thing. Perhaps they will achieve a degree of acceptance, eventually, but they are currently very scammy indeed. Couple of examples from very different dates:

https://www.ft.com/content/40c64992-...7-5465a6ce1a00
https://www.telegraph.co.uk/investin...awyer-blocked/

Obvious problems include anti-money laundering and proof that income or capital gains taxes have been paid. You might be OK if you can find a forensic accountant to document everything, but that's what you get when you "invest" in an "asset class" that is preferred by criminals and charlatans

[AtW]

The only people who won't care about large payments derived from tulipcoin scam are the HMRC when you pay taxes on this unearned immoral gains

[GigiBronz]

Look, it's very simple - they'll ask where the money came from and you'll either have to lie (criminal offence?) or you mention tulipcoins and that's the end for your transaction.

Nobody sane who values future work would touch money from that source

You gift the crypto to your parents/wallet , they sell it on an exchange.
You get the money.

Q: How did you get the money for the deposit?
A: "Bank of mum and dad" as the majority of the young people in this country getting on the housing ladder.
Q: What is the source of the money?
A: Not my business to ask them.

People just lack imagination.

[AtW]

You gift the crypto to your parents/wallet

Don't forget to pay CGT at that point.

, they sell it on an exchange.
You get the money.

Q: How did you get the money for the deposit?
A: "Bank of mum and dad" as the majority of the young people in this country getting on the housing ladder.
Q: What is the source of the money?
A: Not my business to ask them.

People just lack imagination.

At that point parents will be asked where they got it from.

[GigiBronz]

Don't forget to pay CGT at that point.

At that point parents will be asked where they got it from.

You'll still pay CGT at some point.

They can re-mortgage their house. Put all of it in an account. Then add the proceeds to the same account. And gift a good chunk of that account to you. You mention only a source of the money to the bank - re-mortgage.

It is not ill gained money, assuming you have not been a hitman on the dark web for it. In the grand scheme of things it will be an innocent lie. The current financial establishment is just trying to make life difficult for the outliers that have found a way out of being milked by the system.

If I would have had such gains I am not sure that I would buy property anyway, renting is probably safer for the next few years.

[AtW]

You'll still pay CGT at some point.

You can only gift real money without CGT kicking in, if you gift an asset that appreciated in value you will be liable for CGT at that point of gifting, since "exchange rates" for this tulipcoins are known at any time it will be easy to establish liability.

[DealorNoDeal]

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?

[_V_]

Don't forget to pay CGT at that point.



At that point parents will be asked where they got it from.

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"