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Cryptoasset taxation & banks

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Ste
Not Work Safe



Joined: 01 Sep 2002
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PostPosted: 23:47 - 15 Jan 2021    Post subject: Reply with quote

That would depend on what you want to do with it.

At some point you need to turn your fiat currency (legal tender whose value is backed by a government) into cryptocurrency and or turn your cryptocurrency into fiat currency.

Everything else can be done without the pesky banking system but the tax man wants his share of your laundry.
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The Artist
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Joined: 06 Jan 2008
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PostPosted: 05:49 - 16 Jan 2021    Post subject: Reply with quote

Jmoan wrote:
Wasn't the whole point to avoid the banking system with this pretend cash?


Some idealistic people said this. As it stands the amount of regulation makes it difficult.

If the value stabilises, it will make it a lot easier since you won't be making profit every time you use it. Right now if I buy something with crypto, it is a taxable event because the value has gone up so much that HMRC want a cut.
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Ribenapigeon
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PostPosted: 11:34 - 02 Feb 2021    Post subject: Reply with quote

If the capital gains allowance is £12k and you had £24k in crypto and this was all generated through moving it around crypto rather than as part of a business activity, for instance trading second hand books, surely you just move £12k out into your personal bank account in the last month of the financial year then the next month move the other £12k over?
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The Artist
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PostPosted: 12:04 - 02 Feb 2021    Post subject: Reply with quote

Ribenapigeon wrote:
If the capital gains allowance is £12k and you had £24k in crypto and this was all generated through moving it around crypto rather than as part of a business activity, for instance trading second hand books, surely you just move £12k out into your personal bank account in the last month of the financial year then the next month move the other £12k over?


Crypto to crypto is a taxable event which means every trade but so long as you didn't exceed any limits throughout your stash buildup, cashing out £24k of crypto is as easy as you say.
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