So what would happen in the UK if (unrealistic but hey) bitcoin went to 10,000 USD per coin & we cashed in all of our coins?
Would we be taxed on it?
Surely it's not fair to tax somebody on something that was such a risky investment to begin with?
If you're a professional gambler in the UK & try to declare yourself as so HMRC (tax man) isn't interested in dealing with you, surely bitcoin is a bit of a gamble so it's the same?
Unsure what it's like in other countries but if they're not regulating/approving/accepting bitcoin in the mainstream/banks how could they suddenly say they want to tax you?
Surely they can't have it both ways?
Would we be taxed on it?
Surely it's not fair to tax somebody on something that was such a risky investment to begin with?
If you're a professional gambler in the UK & try to declare yourself as so HMRC (tax man) isn't interested in dealing with you, surely bitcoin is a bit of a gamble so it's the same?
Unsure what it's like in other countries but if they're not regulating/approving/accepting bitcoin in the mainstream/banks how could they suddenly say they want to tax you?
Surely they can't have it both ways?
This is an interesting read. I'm not sure whether it's been updated since it was published.
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies#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."
"Chargeable gains: CT and CGT - if a profit or loss on a currency contract is not within trading profits or otherwise within the loan relationship rules, it would normally be taxable as a chargeable gain or allowable as a loss for CT or CGT purposes. Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for CGT if they accrue to an individual or, for CT on chargeable gains if they accrue to a company."
