Britbong thread

>Remember when you had to send your id to the exchange
jokes on you I never sent my ID to Binance :^)

This

Only in clapistan

this country is so shit

I've already cashed out close to $0.5mm (bought 2 flats and other shit)

Not paid a penny in tax

I thought UK didn't have any guidance on it yet? It was my understanding they treat it like they would gambling, if you do pay capital gains tax can you also claim tax deductions in your shitcoin trades?

jesus u mad man i hope you get away with it

What the hell? What if we have all our funds tied up in crypto? We have to cash out a portion of it to pay the taxman?

Okay this whole thing is bullshit.

Say I invest £100'000 into bitcoin right now, there's a dip in a few days and I get cold feet and decide to take the loss and sell, getting me back £80'000.

Can I claim that £20'000 loss as a tax deductible? I'm almost certain that the tax man would laugh and say no. Why should I pay capital gains but not be able to claim a loss?

Taxation is theft.

Anyone know where I can go retire with 3000 eth?

Say I go to the casino with £100'000, gamble on red a few times and end up with £500'000. Do I pay capital gains on that?

Gambling gains are tax free in the UK

in how many seperate transactions did you do this/over how long?
scared that when i cash out the taxman will come sniffing

me too, fuck em I say.

Tbh if I make it big I'm just gonna move to an eastern europe country fuck the UK state I don't owe them anything

Good luck. I trade crypto to crypto on shapeshift almost exclusively.

> no guidance yet
bruh
gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

That's what I thought. There's nothing in this thread besides
cryptotax.uk/guide/
>This guide is not legal advice; for that, please consult a tax adviser.
Indicating the legitimate stance on cryptocurrency in the UK, my dad works for the inland revenue, he's asked around a lot and everybody (including people pretty high up) has said it's currently treated as gambling.

I first bought in 2012, I've only really sold since July last year (when btc was ~£2'000), i've cashed out around 150 btc in total now

>As an EU tax, the VAT treatment for cryptocurrencies adopted by the UK must be consistent with any treatment that may eventually be implemented across the EU.
Good 1

>Whether any profit or gain is chargeable or any loss is allowable will be looked at on a case-by-case basis taking into account the specific facts. Each case will be considered on the basis of its own individual facts and circumstances.
Meh

The discord pump group that is unstoppable.!

discord dot gg/JWWn6Qr

Thanks I’m sitting on £750k right now and this gives me hope. My main concern with this though is that down the line we don’t know if they will be chasing up people who cashed out large sums

>tfw crypto will never catch on in uk
>Lil niglets still think bitcoin is a physical coin

youtu.be/XHsKZNSbhks?t=3m43s

True, going to be honest here I'm pretty sick of this country/continent for a variety of reasons. I plan on leaving within a year or two and heading to Asia/Oceania

Global currency. Let the ignorant be ignorant.

Yeah I’m pretty sure you feel the same as me luckily I’m in the countryside...
if I can get away with 10% I’ll pay it just for price of mind

I trade on eToro so no taxes for me niggas

Only in America, in uk it's just 18% of your profit.

hello chap, have you got any coin recommendations at the moment?

>my dad works for the inland revenue, he's asked around a lot and everybody (including people pretty high up) has said it's currently treated as gambling
Really? See that's what I used to think, until more and more people started saying it's subject to CGT, and also because they do kind of say it is on the gov.uk site (although the language is very cloudy)

>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.

But even then, I'm all in on LINK which I bought under $1, which I would class as "highly speculative" trading. In which case I would hope it would not be taxable, as expressed on the same gov.uk page:

>herefore, depending on the facts, a transaction may be so highly speculative that it is not taxable or any losses relievable..

UK is tax free up to £11.3k then you get taxed on the withdrawn amount not per trade like the American system.

i made 6 figures from buying pajeetcoin XBY for fractions of a cent, if that's isn't gambling i don't know what is

...

Yes all this is th essence of gambling so should be tax free in the UK.

Same I bought xvg at 5 sats and sold at the start of the year made £150k profit it doesn’t get more speculative than that

Best exchange to cash out at?
Coinbase is being a bitch verifying my bank account.

And did you cash out?

why do you use that piece of shit? I use localbitcoins

Yeah, honest.

His job is (level 6 I think?) working with business tax avoidance (company cars being used privately and a bunch of other cheeky shit business sometimes do to try avoid paying tax), so I wouldn't expect him to know exactly the cryptocurrency stance. But he has asked around, including some senior figures and they've all said they either don't know or that it's treated the same as gambling. The main argument being that in order to be charged CGT it must also qualify as tax deductible, and nobody would offer a tax exemption unless it was some legitimate vehicle (like the new futures contracts or something).

Crypto-currency business' or Hedge Funds on the other hand are most likely a whole other story

No I moved it into coss eng zcl icx and link wether they all or some of them are equally speculative is another question

I put my 120k worth of ETH through etheroll on the 1-99% payout and did 1k at a time, completely avoids tax as it's gambled and I actually made a few thousand on top of it.
Bought a jetski, new car and deposit on a house. Not a word from her majestys young men

because i drunkenly brought £100 worth of ETH back in feb after reading biz and didn't even consider that i might have trouble cashing out.

This, I'm intending to take out my initial investment + up to limit of CGT before the end of the tax year, comes to about 27k. What's the best route to get money out *safely*

>German tax thread
"AAAA help they will find us"

>Brit tax thread
"suck it, take it or leave it"

...

...

...

Are there any coins being developed here in Blighty?

DOVU my man

It's basically LandRover/Jaguar (my mate works with the project)

I'm making my own coin mate, poured 200+ hours into development so far and have outsourced website development to some yank professionals so it looks class. It's gonna make me millions if the market stays this way.

wts it called thn

>Land Rover/Jaguar
owned by the indian company TATAR Motors, basically pajeet coin

:^)

no doubt you'll see it shilled here in the months to come

is it a shitcoin?

Cheers, I will keep an eye out for it. Apparently Electroneum is UK based.
Good luck user.

This might help you.

> I had consultations with 3 separate tax specialist accountants and ALL of them said I should only report gains when they go back into the 'functional currency' and that because this was still a legal grey area with limited guidance from HMRC

reddit.com/r/BitcoinUK/comments/7oiu5q/tax_advisorsaccountants_telling_me_i_dont_have_to/

I sure hope so because I've made tens if not hundreds of thousands of trades.

You mean Tata?

And they also own Tetley, does that mean tea is a pajeet drink?

it targets the shitcoin market but has a very well refined UI and some features that i haven't seen in any existing coin

Well it is grown there lol

so that's why it's brown

This is fucking genius, never heard of etheroll before, surely everyone using it are doing it for tax 'avoidance' purposes?

Would the casino not have to have some kind of license to be recognised by the government as such?

Also if you cashed out this tax year they haven't came knocking because your return isn't due yet and it's technically not late reporting.

etheroll.com/
check it out and you'll see exactly why its the perfect choice. Me and a group of mates have been using it since it came out as we had to pay 20% cgt on over 300k combined

>as we had to pay 20% cgt
Do you know this for sure or were you just taking the precaution? All crypto taxes are settled on a case by case basis.

Our friend is an accountant and we paid a financial adviser to help us aswell, came to the conclusion we'd be better doing this than just trying to avoid future tax implications. Gambling is free from tax full stop, even though its 99% payout, you could still lose..

>tfw lower than 99
>100

If you put in 1 eth, how much of it do you actually have to gamble? Because I lose 99% of the time gambling.

So basically the risk of losing is very small and even the max potential losses are quite minimal? Do I set it up how I have it in pic related? It seems 0.01ETH is a lot to win on a punt which is 98% in my favour. Is there a way to track all your bets so you can have a log saved?

Who day trades? I’m trying to make around 10-15% profit and then re-invest

top right corner

i would like to thank you for saving us during ww2 now france is free from white male

Does this work? What about when cashing out the profits? So long as the ETH cashed out can be traced back to the etheroll smart contract, you can legally avoid CGT?

It would seem that way... pretty fucking genius desu.

big if true

It sounds a bit too good to be true, but saying that crypto existing is too fucking good to be true so maybe it is. This is something I'm definitely going to look into

Doing about 1 ETH at a time seems reasonable to me. Say you have 100ETH, it would be tempting to just take a big risk, save time and stake the whole thing on one bet. But of course if you lost you'd be on suicide watch.

i don't even want to think about that

1 ETH at a time is more than enough, unless you're trying to buy a yacht or something

Thinking on, you could just do this weekly/monthly with a few eth at a time, and cash out no more than £9,999 at once

True. I think I might do this when I start cashing out, just to give myself an extra layer of protection against the taxman

why no more than £9,999? seems arbitrary, HMRC surely will notice all these deposits to your bank

You gamble as much as you want, there's a 99% chance you'll get your eth back and a little extra aswell.

Just because more than that automatically triggers an investigation afaik.

tax advisors just like Veeky Forums shills want to figuratively make it so that you buy their bags. in this case they make it sound more complicated than it actually is so you need to use their services.

Nah it actually works we checked it over with an accountant who contacted the HMRC directly. As long as you keep proof that the Eth you're cashing out came directly from a gamble.

HMRC don't know shit unless your bank reports sus activity. Keep your deposits reasonably low, label them as 'gambling payout' or some shit to minimise the chances of that happening.

Tip: HSBC is a crook bank and it's favoured by money launderers, reports few things to HMRC.

I did a quick google search and the first result was for Americans, I don't know whether or not this applies to us britfags but here
>All you have to do to capture the IRS' attention is make multiple large deposits that are less than $10,000 in your account. Banks that get deposits of more than $10,000 have to report those deposits to the federal government.
Maybe it's best to cash out less than £1000 at a time

Fucking beautiful. So you just keep a log of the transactions on etherscan? Do they not care about how you attained the Ether you had to bet in the first place?

This, we directly changed to HSBC on our accountants advise, she STRONGLY suggested we go with HSBC for this actual reason lol.

*quietly opens HSBC account*

Cheers mate, I'll believe you for now but I'll have to check for myself. Honestly if this is legit I will love you forever

Not a flying fuck mate, you could be selling drugs on the darknet it doesn't matter. They just want to tax you, this avoids that. It's such early days I don't see this changing much in the foreseeable future