Tax UK - page 2. | Bitcointalksearch.org

The One

legendary

Activity: 924

Merit: 1000

Quote from: gentlemand on November 19, 2017, 05:59:31 PM

Quote from: The One on November 19, 2017, 05:55:04 PM

Trading is regarded as gambling thus no tax payable. Unless the law changed.

I can't believe that every full time stock market or forex trader, and that's the closest square equivalent to crypto trading, out there is contentedly registered as a gambler and not paying a bean, but one thing I've gleaned from the people who've gone a bit deeper into this with various accountants is that no one appears to have a bleedin' clue.

Spread betting and binary trading I can believe. I don't buy it otherwise.

They are classified as gambling and trading with btc is no different. Stockmarket and/or forex trader are companies, not individuals. Remember with CGT one can offset losses against their gains. Gambling has no tax because gambling losses are not, obviously, offset against wins.

btcwish1

full member

Activity: 401

Merit: 108

Yes this is another bizarre rule. a gambler can earn millions and pay zero tax, where as any regular hand to mouth person earning over £11k/year will need to pay tax... Lips sealed

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: The One on November 19, 2017, 05:55:04 PM

Trading is regarded as gambling thus no tax payable. Unless the law changed.

I can't believe that every full time stock market or forex trader, and that's the closest square equivalent to crypto trading, out there is contentedly registered as a gambler and not paying a bean, but one thing I've gleaned from the people who've gone a bit deeper into this with various accountants is that no one appears to have a bleedin' clue.

Spread betting and binary trading I can believe. I don't buy it otherwise.

The One

legendary

Activity: 924

Merit: 1000

Quote from: gentlemand on November 19, 2017, 05:06:11 PM

The tax situation is clear. You pay capital gains on your profit. You have an exemption of £11,300 ish. If your profit is below that you pay no tax. For tax reasons it's treated the same as foreign currency.

Some people say you should also be paying capital gains tax on your crypto only gains. Sod that.

There might also be a grey area over a full time trader paying income tax as that's a job rather than a capital gain. I haven't heard many mentions of that.

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

The above is their advisory which hasn't changed since 2014.

Trading is regarded as gambling thus no tax payable. Unless the law changed.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

The tax situation is clear. You pay capital gains on your profit. You have an exemption of £11,300 ish. If your profit is below that you pay no tax. For tax reasons it's treated the same as foreign currency.

Some people say you should also be paying capital gains tax on your crypto only gains. Sod that.

There might also be a grey area over a full time trader paying income tax as that's a job rather than a capital gain. I haven't heard many mentions of that.

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

The above is their advisory which hasn't changed since 2014.

hawkeye2810

newbie

Activity: 6

Merit: 0

Hello,

Has anyone withdrawn BTC in the UK? If so do you need to pay tax on it as it currently seems unclear.

Topic: Tax UK - page 2. (Read 1085 times)