You could try posting here (or contacting individual members in the thread) if you haven't already:
https://109.201.133.195/index.php?topic=498199.0
Or try these guys to see if they have any advice/it's worth joining them:
http://www.digitalcurrencyassociation.org.uk/
Or attending meetups, if there are any in your area (e.g. http://www.meetup.com/London-bitcoin-meetup)
Coinfloor is an exchange based in the UK. They seem to be legit in terms in terms of satisfying KYC/AML requirements, but I'm not sure how big/liquid the market is (they only recently (re)opened to new users).
Topic: UK tax and bank policies (Read 747 times)
Hi All. I've been reading these forums for awhile, but situation regarding tax in the UK, or practical implications to be more precise, remain unclear to me. Also, I have some questions about banks.
Lets take a hypothetical situation where BTC, equivalent to 100 000 GBP, is to be converted to fiat.
1. What is the best way to go about this?
Presumably, one could sell it on an exchange and transfer it to one's bank account, but in all likelihood the bank account would be frozen if such amount of money appeared from nowhere.
1a. What are the laws applicable to such exchange with another person?
1b. What tax laws are applicable?(when, how and how much to pay)
2. Is personal account sufficient to perform the above?
Recently I read about HSBC denying few thousand GBP withdrawal and I experienced similar myself, so what happens with the amount above?
2a. What are the limits/thresholds where questions will be asked/checks performed by the bank? What are the questions/checks and how to deal with it?
3. What if British citizen is willing to move to another country? What are legal alternatives regarding tax?
3a. How does the answer to 3 change if the person is not British?
4. How all the above be different if amount of BTC was equivalent to 1 000 000 GBP(or more. Are there any limits/thresholds?)?
I'd be interested to hear from anyone who's done their due diligence regarding tax in the UK.
How did you do it?
Do you have anyone to recommend?
Were there any obstacles in the way and how did you overcome it?
Any insight is much appreciated.
Also, if you/your company has experience in dealing with bitcoin/tax/amounts specified, please post your details in this thread.
Thank you
Edit: spelling mistakes
Lets take a hypothetical situation where BTC, equivalent to 100 000 GBP, is to be converted to fiat.
1. What is the best way to go about this?
Presumably, one could sell it on an exchange and transfer it to one's bank account, but in all likelihood the bank account would be frozen if such amount of money appeared from nowhere.
1a. What are the laws applicable to such exchange with another person?
1b. What tax laws are applicable?(when, how and how much to pay)
2. Is personal account sufficient to perform the above?
Recently I read about HSBC denying few thousand GBP withdrawal and I experienced similar myself, so what happens with the amount above?
2a. What are the limits/thresholds where questions will be asked/checks performed by the bank? What are the questions/checks and how to deal with it?
3. What if British citizen is willing to move to another country? What are legal alternatives regarding tax?
3a. How does the answer to 3 change if the person is not British?
4. How all the above be different if amount of BTC was equivalent to 1 000 000 GBP(or more. Are there any limits/thresholds?)?
I'd be interested to hear from anyone who's done their due diligence regarding tax in the UK.
How did you do it?
Do you have anyone to recommend?
Were there any obstacles in the way and how did you overcome it?
Any insight is much appreciated.
Also, if you/your company has experience in dealing with bitcoin/tax/amounts specified, please post your details in this thread.
Thank you
Edit: spelling mistakes
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