>Buy 10 BTC in 2013 for 500 GBP each. Worth 5k GBP on paper at time of purchase

>>Buy 10 BTC in 2013 for 500 GBP each. Worth 5k GBP on paper at time of purchase.
>>Make no trades until.december 2017. Buy and sell shit coins in a frenzy. Was worth about 150k GBP at peak. Take huge losses in last month on ETH.
>>Trade back into BTC and find I now have 9 BTC. Worth 45K on paper.
>>Have I made a capital loss of 1 BTC and owe no tax?

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You were trading on borrowed money that should've been put aside to pay taxes after every sale.

Dun goofed.

when you sold your 10 BTC you realized those gains. So figure out your profit from that initial trade. I'm not sure about UK but in the US this would be a long term capital gain which is taxed at a special lower rate.

Now the easy thing to do is to look at your total value when you made that first sale above.
Compare that value to your ending value of 45k and figure out how much of a gain/loss you made on your daytrading in 2017.

ah wait, if the 45k value is from today in March, then you shouldnt use it.

you should figure out what your account value was on 12/31/2017 and use that number to compare to instead

If you were to sell all of your BTC for GBP, your net gain will be 40k. You have a capital gains allowance of 11.3k, so you would owe capital gains taxes on 28.7k.

Things get more complicated if you are only cashing out part of your initial investment.

You only need to pay capital gains on your entire profit minus the 11k allowance once you cash out. Just dont cash out and you dont owe anything

Just lie..

you would owe about £8k if you cashed out today

And by that I mean you didn't make any trades. HMRC are not set up to follow your binance trades. You bought 10 btc ages ago and you're selling 9.

Haha. No one here is a tax attorney know what to do. Lmao if you're an American I can save you and any similar cases over 140k in taxes. Thing is i have 6% on my battery. Ill post a new thread tonight at 9pm CST with a discord if people want to know. Its a legal and common thing.

so if my intial investment was £2k, I made many trades and I now have £3k worth of ETH, then I dont owe tax since its less than the £11k allowance?

Where did you get 8k from? It would be either 10% or 20% of 28.7k (this depends on OP's income tax bracket)

lol, hmrc won't know SHIT, why even mention it at all?! So strange.

This. Heres the breakdown: your 5k investment now has a value of 45k if you were to sell this gives you 40k profit (of which is taxable) however you are allowed a tax free allowance of 11700 GBP (in 2018/19) this mean that you pay the standard 18% CGT on the remaining 28300, so you'll have to pay 5094 in tax if you chose to liquidate your holdings so really you don't get taxed a lot, I believe it is a net taxation percentage of 11.32%

It's 3k m8. You're well below the allowance so who gives a fuck. You're not on the radar.

I see some of you have been listening to the (((tax))) advisors on plebbit bitcoin uk.

Have you used up any more of your CGT allowance? How much did you realize?

t. man posting on a device funded via tax money

No. Why pay extra tax when you don't need to?

The ponts that people are missing here:
1. UK personal tax year ends April 7. I have time to do things.
2. People are talking about realising gains in fiat. Don't I realise a gain or loss with EVERY trade event (even if not fiat) so trading between BNB shitcoin and TRX shitcoin on binance is a fucking tax event to HMRC. So what if I start with 10 BTC, never goto fiat and then end all my trading with 9 BTC? What does fiat value have to do with it, they have said my BNB TRX trade was a taxable event and that had no fiat involved, so they seem to be implying that crypto has fiat equivalence.

I think I need to realise everything in fiat to avoid a fucking.

>so trading between BNB shitcoin and TRX shitcoin on binance is a fucking tax event to HMRC.
Says who?

Tax money funded my pixel phone? The biggest destination of tax money where I am is welfare. Welfare makes many people here reliant on the state, incentivised them to have kids they can't deal with and encourages them to not work, gain skills or be productive.

I don't know and I don't think they do either

Just lie on your taxes u pussies. Worst case scenario you get audited in like 5 years lol

>2. People are talking about realising gains in fiat. Don't I realise a gain or loss with EVERY trade event (even if not fiat) so trading between BNB shitcoin and TRX shitcoin on binance is a fucking tax event to HMRC. So what if I start with 10 BTC, never goto fiat and then end all my trading with 9 BTC? What does fiat value have to do with it, they have said my BNB TRX trade was a taxable event and that had no fiat involved, so they seem to be implying that crypto has fiat equivalence.
Yes, every trade is a taxable event. However, if you were to cash out everything to fiat right now your net gain will still be 40k. Even if you never go to fiat, you've still realised a gain of 40k (yes, you are supposed to work out the fiat equivalence).

I'd recommend a website like bitcoin.tax if you don't have many trades.

However, whether HMRC has the capability or resources to find out about your crypto gains is another story...

If you made less than 10k don't worry. Only if you work a regular job and made 30k or more. It's not a very wise decision for them to go after someone they won't get a big cut from. Whales who cashed out 200k are the ones worth going after. My initial was $700 and now down to $150. I mean you're really gonna force someone to report that? Doesn't matter if you made 10,000 trades at that amount.

Cash out in sovereigns/britannias from EU dealers
????
L O D S O F E M O N E

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