In the UK...

In the UK, do you have to pay tax on each Bitcoin trade or do you only have to pay tax when you want to cash out into your personal bank account?

Also, is the cant cash out meme actually just a meme? What if I cant cash out, should I even bother?

Only when you cash out, if you've been holding for less than a year I believe. Correct me if I'm wrong.

holy shit so if I hold for over a year there's zero CPT? Even above 11k allowance?

I'm not 100% sure but i think this is the case. You'd have to double check.

Is it only the Americans that have to pay tax on each trade then or what? I have heard that somewhere.

yep. America is honestly a terrible place. Land of the free lmao. And they call us cucked

Yeah that's a burger thing
>land of the free

You only pay CGT when you cash out to fiat. The hold over 1 year thing doesn’t apply to uk, you will still have to pay CGT which will be around 20% of your profits

Cheers guys

Could this be avoided using off shore accounts in places like Jersey?

How about when you temporarily cash out to fiat on the exchange, would it apply to this as well, even if I bought back in a day later?

yeah can I go the isle of wight on the ferry, open an account etc? that's not illegal right, I don't want to break the law but I'm willing to use any legal loophole

Makes me wonder. if you only have to pay the tax when you cash out, using a cryptocurrency credit card to buy stuff would work right, there'd be no confusion with the banks and it'd be pretty easy

As a basic rule just pay CGT when you cash out to keep them off your ass. And remember there is a 10.9k tax-free allowance per year.

yeah I reckon so. I also cashed out 4k to my amazon account which I use to most of my groceries etc. I don't *think* I will have to declare it?

Nah, you still have to pay like 18% of your crypto to the tax man.

thanks

Doubt it to be honest. I'm gonna do the same, amazon gift cards & cryptocurrency credit cards when i wanna buy stuff, and ill go declare it when i cash out to buy something big like property, seems much more simple this way

It’s not illegal. It’s tax avoidance, not tax evasion. Perfectly legal.

I trust Amazon more than my bank desu, what a fucking timeline

>yeah can I go the isle of wight on the ferry, open an account etc?
IOW pay the same taxes as us... you thinking of one of the others?

Jersey

I’m no expert I would highly recommend seeing an accountant/tax lawyer to look into tax avoidance measures! Remember tax avoidance is legal it’s tax evasion that isnt

If you don't live there there's no tax, only residents pay tax there. They made it a tax haven to encourage bastards like us to fund their shitty rock

yeah I'm gonna have to grovel to my accountant ex for some advice

How much you holding mate?

14.6k, frustratingly just above the threshold