Tax ..not if you REALLY have money | Bitcointalksearch.org

itsAj

hero member

Activity: 588

Merit: 500

Quote from: franky1 on August 21, 2014, 02:03:13 PM

you only pay tax when converting coin into ~~FIAT to a bank account registered to your name~~ anything

now how many loop holes can i see to avoid tax.. answer: many

FIFY

Any transaction that involves both BTC and something other then BTC is considered to be a barter transaction and you would need to report your gain/loss accordingly

botany

legendary

Activity: 1582

Merit: 1064

Quote from: Arctic on August 22, 2014, 04:21:46 AM

capital gains on BTC are taxable in the UK when realised:

http://www.hmrc.gov.uk/briefs/vat/brief0914.htm

Go to Hong Kong or Singapore, where there are no capital gains.

Arctic

member

Activity: 89

Merit: 10

Quote from: qwerty555 on August 22, 2014, 05:57:25 AM

That assumes you convert to fiat in your name or that of another uk resident and that you fully declare and that you have nothing to off set them against and ............

absolutely - there are plenty of exemptions, the annual allowance in particular being a great one.

You are obliged to fully declare. It's called self assessment.
If you don't then that is tax evasion not avoidance and an entirely different kettle of fish.

qwerty555

sr. member

Activity: 405

Merit: 250

Quote from: Arctic on August 22, 2014, 04:21:46 AM

capital gains on BTC are taxable in the UK when realised:

http://www.hmrc.gov.uk/briefs/vat/brief0914.htm

That assumes you convert to fiat in your name or that of another uk resident and that you fully declare and that you have nothing to off set them against and ............

Example

Your overall gain in 2013-14 is £18,000.

The Annual Exempt Amount is £10,900

You'll pay Capital Gains Tax on the excess of £7,100 (£18,000 - £10,900).

and as stated above

you only pay tax when converting coin into FIAT (to a bank account registered) to your name......

now how many loop holes can i see to avoid tax.. answer: many

and here are some

http://www.theguardian.com/money/2007/oct/25/capitalgainstax.tax

Arctic

member

Activity: 89

Merit: 10

capital gains on BTC are taxable in the UK when realised:

http://www.hmrc.gov.uk/briefs/vat/brief0914.htm

franky1

legendary

Activity: 4410

Merit: 4766

you only pay tax when converting coin into FIAT to a bank account registered to your name......

now how many loop holes can i see to avoid tax.. answer: many

cr1776

legendary

Activity: 4228

Merit: 1313

Quote from: TimeWatch on August 21, 2014, 01:19:02 PM

Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then..

It depends where you are. It depends what tax you are talking about. It depends what you are doing with bitcoin, being paid in it, trading etc. "Bitcoin" itself is not taxable, it is a protocol, a client, and the blockchain etc. Its uses may be taxable as above.

As for just not mentioning it as someone said above, it really depends on your appetite for risk.

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

thats why we created btc in the first place...not to pay taxes...right? bitcoin rules Cool

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

Quote from: TimeWatch on August 21, 2014, 01:19:02 PM

Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then..

depend on when you live, but i wouldn't pay taxes for bitcoin ever, bitcoin is freedom!

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: cryptozio on August 21, 2014, 08:20:34 AM

Quote from: Kprawn on August 21, 2014, 04:55:29 AM

Well not to avoid tax, but to use it to your advantage.
I will hoard all BTC and once I have enough, I will take a holiday to a country, with the highest acceptance rate for BTC {The country with the most merchants accepting BTC}
While I am there, I will spend like crazy, and have the best holiday of my life. {Paying for everything in BTC}
I will buy lots of gifts for my friends and pay the custom duties with fiat.

Until then, I will do research, to see, what can be paid with BTC and execute it perfectly. In this way, I reward merchants who accepted BTC and I reward my family, for all the time I spend, getting it.
And we will have the holiday of our lives. {But with the Satoshi I have now, we will have to drink water and eat dry crackers} Grin

And if your government banned it, you stick it to them, and support a country that accepted it. Wink

So all in all you are investing in bitcoins only to spend some really nice holidays? Cheesy

Well the point of a currency is not to hold it forever. The point of Bitcoin is not holding until you can sell it for dollars or any other currency once it's high enough. It's meant to be used, so he's actually doing the right thing.
I'm assuming one of the best places is Monaco, with great health care, no income tax, almost no crime and such. I just wonder how expensive is it to live a normal life since it is the 'playground of the rich'.

JJBTCSeller

newbie

Activity: 33

Merit: 0

Quote from: TimeWatch on August 21, 2014, 01:19:02 PM

Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then..

No, if you pay tax on Bitcoins then you're a retard.

Meuh6879

legendary

Activity: 1512

Merit: 1012

bitcoin = no.
exchanges = yes.

====> local exchange will be the future (like the saturday market... on village)

TimeWatch

member

Activity: 83

Merit: 10

Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then..

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

it's not that practical to go to another country and exchange bitcoin to fiat

cryptozio

newbie

Activity: 56

Merit: 0

Quote from: Kprawn on August 21, 2014, 04:55:29 AM

Well not to avoid tax, but to use it to your advantage.

I will hoard all BTC and once I have enough, I will take a holiday to a country, with the highest acceptance rate for BTC {The country with the most merchants accepting BTC}

While I am there, I will spend like crazy, and have the best holiday of my life. {Paying for everything in BTC}

I will buy lots of gifts for my friends and pay the custom duties with fiat.

Until then, I will do research, to see, what can be paid with BTC and execute it perfectly. In this way, I reward merchants who accepted BTC and I reward my family, for all the time I spend, getting it.

And we will have the holiday of our lives. {But with the Satoshi I have now, we will have to drink water and eat dry crackers} Grin

And if your government banned it, you stick it to them, and support a country that accepted it. Wink

So all in all you are investing in bitcoins only to spend some really nice holidays? Cheesy

Kprawn

legendary

Activity: 1904

Merit: 1074

Well not to avoid tax, but to use it to your advantage.

I will hoard all BTC and once I have enough, I will take a holiday to a country, with the highest acceptance rate for BTC {The country with the most merchants accepting BTC}

While I am there, I will spend like crazy, and have the best holiday of my life. {Paying for everything in BTC}

I will buy lots of gifts for my friends and pay the custom duties with fiat.

Until then, I will do research, to see, what can be paid with BTC and execute it perfectly. In this way, I reward merchants who accepted BTC and I reward my family, for all the time I spend, getting it.

And we will have the holiday of our lives. {But with the Satoshi I have now, we will have to drink water and eat dry crackers} Grin

And if your government banned it, you stick it to them, and support a country that accepted it. Wink

qwerty555

sr. member

Activity: 405

Merit: 250

Quote from: Arctic on August 21, 2014, 03:35:33 AM

It depends on the country but in for example the UK Capital gains tax is due on capital gains if you are resident in the UK if even if you convert somewhere else.

Losing residency for CGT is not an easy - you can't just get on a plane - the liability stays in place for several years.

True..for UK its 5 yrs as a real non resident.

but Brits don't have t go far to avoid CGT

http://www.independent.co.uk/news/world/europe/a-guide-to-europes-tax-havens-790860.html

CHANNEL ISLANDS

The Haven
Guernsey and Jersey have supplemented falling tourist numbers with tax incentives and a boom in discreet financial services.

What does it offer?
Both offer a comparatively low 20 per cent income tax for residents, no inheritance tax and no CGT. Non-doms can negotiate how much of their income the taxman can get his hands on. Trusts, IBCs and limited partnerships benefit.

Who wins?
The world’s super-rich are estimated to have £247bn of assets in Jersey. Property owners include the former Formula One champion Nigel Mansell.

ISLE OF MAN

The Haven
A self-governing Crown Dependency which is able to levy its own taxes. It is increasingly popular with US-based and online gambling companies.

What does it offer?
Zero corporate tax rate, a £100,000 cap on taxable income and no CGT, stamp duties or death duties. VAT on income tax, but the latter is kept at a low maximum rate by a government committed to keeping to a zero-tax strategy.

and of course Gibraltar where Xapo is based LOL

Capital taxation

   Estate Duty - There is no Estate duty in Gibraltar
   Capital Gains Tax - There is no Capital Gains Tax in Gibraltar.
   Other Capital Taxes - There are no wealth, gift or other capital taxes

Arctic

member

Activity: 89

Merit: 10

It depends on the country but in for example the UK Capital gains tax is due on capital gains if you are resident in the UK if even if you convert somewhere else.

Losing residency for CGT is not an easy - you can't just get on a plane - the liability stays in place for several years.

qwerty555

sr. member

Activity: 405

Merit: 250

I see a lot of posts about tax

For business users and miners based in USA EU that is an issue ..that needs a smart accountant/firm but if you gain from speculation how is that a big problem? If you are inclined to convert to fiat why not do so in one of the many tax free/low tax countries?

http://nomadcapitalist.com/2013/11/24/top-5-livable-countries-income-tax/

take your pick

http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

Topic: Tax ..not if you REALLY have money (Read 2182 times)