TRIGGERED

What do you want to know?

At the moment the entire tax framework around cryptos is based on a single business brief published in 2014.

You are taxed depending on the context of your use of cryto (e.g. Businesses will treat it as a currency and tax profits in the usual way via CT and remit any VAT due on taxable supplies to HMRC in the sterling equivalent). Most here would be subject to capital gains tax. You have a personal limit of £11,700 per year. Cashing out any more you will pay lower rate CGT of 10% until you breach higher rate and then pay 20%.

If you have a gf you can use her allowance too so basically you can cash out £23,400 profit per year and not pay any tax (your initial investment can be cashed out too).

But basically - CGT relies on you registering for self assessment and self reporting your gains. This implies trust in the population that they will do this, and since crypto falls outside of usual regulated asset markets which can easily be traced - for example land which is reported to land registry and automatically flags up when stamp duty is due, then unless you willingly report your cashed out gains they can never know the source of your money.

>How can they tax it when you can just walk across a border with your entire net worth stored on a USB, paper wallet
>get caught, they take your USB
>LOL BACK TO THE POOR GULAG

>or even a brain wallet if you are autistic enough to memorise your seed
This is the only way to be truly secure, then if you ever fail to get out they can't confiscate your wealth. It also takes pure unrefined levels of autism to be capable of it though

Any of this apply to the US?

You have crypto to crypto trades creating taxable events. Even though we are cucked we are not that cucked.

Memorising 12 words(electrum I think) isn't that hard.

Are you stupid?

You, a NEET has 15k in your bank account
Next year you have 1mm in your account

Taxman:
Where did the money come from?

So if I cash out and pay capital gains, I'll be fine? I don't care paying the 20%

One easy way of cashing out more than you capital gains allowance is to buy UK gold or silver bullion directly with crypto. Some bullion dealers offer this.

Because sovereigns are exempt from capital gains tax due to being legal tender, you can cash out a small portion each year and then resell the bullion back to the dealer for fiat.

This avoids the tax problem but still may flag the money laundering problem. Most dealers ask for your ID if you buy more than £1k of bullion in a single order or something like £5k in a year.

Still one option available.

>you need to bank outside of the EU
Almost all countries in the world have a info sharing agreement in the current year

>make a non-EU shell company and either use prepaid cards for no tax or transfer part of your money as salary from the company and pay income tax
Same problem with the company bank account, they will want to know the beneficial owner, ie you, and report back to your country of residence

>One easy way of cashing out more than you capital gains allowance is to buy UK gold or silver bullion directly with crypto. Some bullion dealers offer this.
This might be the only legit option, but obviously only works for smaller accounts

Yes you will be fine from HMRCs perspective. You can avoid simple bank algos by cashing out in tranches of £10k over a period of a few months rather than one single £500k payment like the NEET in the other thread who walked into his high street Lloyds TSB tried to do lmao

Why would you need to cash out at all? Just buy everything with Bitcoin.

Heh... let me know when that's possible

Yes you don't even need to take physical delivery, you can buy storage bullion which also avoids VAT if you use silver rather than gold, and then you can just liquidate your holdings with the dealer.

Amagi gold is US based and doesn't seem to have any buying limits. I really don't think customs would flag a shipment, they seem to be extremely incompetent

>20% capital gains tax

If you're lucky. In Australia CG are taxed at your income tax rate, which for me is about 48%. If your gains are big enough you could take a year off work and cash out that year and pay mimimum tax, but you'll still need to work out where the equilibrium point is in terms of work/cash out balance for your situation.

Nice
I think schiffgold also had some kind of storage option in the US.
The US is generally a really good place to hide money if you are not from there

How does buying gold help you at all? You still can't buy an apartment or a car without being raped by the taxman

we are discussing a stop gap here.
Many people have enough BTC etc to comfortably retire or sack off their wagecucking jobs but don't have all the channels they need to spend BTC directly yet without massive tax or unjustified money laundering charges.

eg, using btc for daily living whilst letting the rest of it ride. not talking lambos and yachts, just cost of living comfortably for now. until >Just buy everything with Bitcoin.

Still the easiest peace of mind way is utilising the UK CGT thresholds. If you have trustworthy family members such as siblings or parents you can easily just get them to cash out to fiat in their own names and you can get multiples of the £11.7k tax free, providing they don't have any other gains themselves that year.

My personal plan to cash out large sums is to send crypto to my gfs family in Eastern Europe where they have a flat rate CGT of 13%. They would then gift it to her which is tax free (gifts between parents and children are tax free there) in her country and then she can remit it euros to the uk and gift it to me tax free (gifts between spouses are tax free in U.K.)

This is only for large amounts because the 7% savings for such a hassle isn't worth it for small amounts.

ME LOCAL SERVICES

Attached: norf fc 4.png (523x446, 37K)

do you have to be legally married or is g/f /partner enough for this approach?

Our forefathers are rolling over in their graves.
>O SAY CAN YOU SEEEEEEEE

Nice. Illuminati smear campaign. Good sign.

> almost all
yeah that's the point, theres some where they wont, you need to know which ones
> report back to your country of residenceit's a business bank account and as far as they're concerned you're buying for the business on prepaid cards
if you're complying to all the laws of the area where the shell account is then you're fine, not doing anything illegal
if you move all your money to the UK and pay income tax, then you're complying to law and are paying tax so nothing would ever come of it because you're doing the right thing
paying income tax rather than capital gains is cheaper as long as you don't hit the highest salary band

Many of you think about playing a game, which tax investigators played for more decades than most of us exist. You are likely to do mistakes, just because you trust a couple of sources on the interwebs and "this will work, lol".

Go to a professional to avoid paying taxes, dont try to do anything on your own in this field, as it can get you into trouble very fast.

the comments I'm making are after working with a professional company who did the set-up of this for me
the company comply completely with HMRC and had a recent audit
but yes agreed, pay someone to do it for you, take out some cash within the CPG tax threshold and use it to pay for the business to do it for you
before creating a shell foreign account, you will agree with the banking provider to how much money you will hold at once, whether that be in the account or prepaid cards
set those thresholds and stick to them, that way nothing will be flagged as its what was prior agreed on business setup

>My personal plan to cash out large sums is to send crypto to my gfs family in Eastern Europe where they have a flat rate CGT of 13%. They would then gift it to her which is tax free (gifts between parents and children are tax free there) in her country and then she can remit it euros to the uk and gift it to me tax free (gifts between spouses are tax free in U.K.)
That is awesome. EE countries are really great when it comes to taxes

>yeah that's the point, theres some where they wont, you need to know which ones
The only legit one is US, otherwise you are stuck with countries like Philippines, Mongolia, Cambodia etc.

>if you're complying to all the laws of the area where the shell account is then you're fine, not doing anything illegal
if you move all your money to the UK and pay income tax,
In most western countries controlled foreign corporations are taxed the same way as resident companies, so UK would still want to tax your corporate income

> The only legit one is US, otherwise you are stuck with countries like Philippines, Mongolia, Cambodia etc.
missing an important one out
> if you move all your money to the UK and pay income tax,
In most western countries controlled foreign corporations are taxed the same way as resident companies, so UK would still want to tax your corporate income
you can get tax rebates on double corporate tax, but again, you're missing the important one out

Woke as fuck

selling crypto for bullion or cash in a p2p deal prevents triggering algo right?

Fuck the banks

which important one?