Crypto Thread-Bitcoin/ethereum/litecoin

In the U.K. it depends on the way you invest really.

If it was a one off punt and you put, say £100 in ten years ago then the Inland Revenue would probably look at that as just a gamble that paid off.

If you have traded though - bought on a regular basis - then they tend to look at you as a trader and you will need to declare it.

But if you keep your gains within the CGT limits you can get away with taking some profit without paying tax.

comment by Bats Uncensored (U18355)
posted 15 hours, 50 minutes ago
It depends what you are looking to take profits on and how much profits you are taking. If you do it in dribs and drabs, you could probably get away with evading tax all together. I have for the last 3 years anywayI know plenty of people who bought ‘crypto’ on Revolut too and were never pulled up for not paying taxes when they sold.

BUT if you want to do it legally, you would have to show revenue every transaction you have made leading up to the profit you are taking. And you get taxed on each of those transactions. If the profits are from leverage trading then you have to pay 50% tax. 33% capital gains tax for taking profits the old fashioned way.

I just withdraw my profits onto my Crypto.com card so none of the Irish banks I use even know I have crypto, never mind made money from it. Hopefully I’ll be living in a tax free haven before the government find out.
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Regarding transferring profits to crpyto.com card, that's what I plan to do this time around. Surely that can't be traced?

Just had a crypto scam call to unlock a frozen wallet...I kept saying. "Hmm in a puzzled way".. until he asked me if I had something up my azss and then demanded my slurtty wife get up from under the desk and on the phone...and starts shouting ferck you ferk off...dial tone

10/10 call would have again

And did you have something up your azss?

Yep, sorry about that but I had some spare time on my hands.

I'm confused, did you keep saying "hmm in a puzzled way" or "hmm" in a puzzled way. Because they're quite different. If someone said the first one I'd think they were insane too lol

Any iPhone users here having trouble with the latest updates?

Itunes just crashes before I can install it on 2 different devices.

Not a bad week!

Tax on crypto depends really on wether you are classed as a trader or just someone who stuck a few quid in and hoped for the best. The latter will probably get away with making a few bob.

This Donald Trump guy must not be so bad after all 😅