>Tax hikes of up to £20bn are being considered by the Treasury to deal with the cost of the coronavirus crisis.
>Capital gains tax might also be paid at the same rate as income tax, under the ideas being looked at.
>read: 40% tax on crypto-crypto transactions
JUST FUCK MY SHIT UP
Source?
Yet they will happily throw taxpayers money at shell companies to give their mates some cash. 130m PPE contract that went to a pest control company. Or how about when they got found in contempt of court for giving a multi million contest to a ferry company with no ferries. Fucking cunts
Prove it
The tories would get slaughtered by the banksters
clogchads win again
Not going to happen.
would completely annihilate investment. won't happen, at least not under the tories. when labour get in then yes expect this
dude monero lmao
Yeah I'm moving to Portugal. Thank fuck I'm eu national.
Fuck this shithole, moving to Portugal were you don't have to pay any tax on crypto
If this happens I am legit out lmao
simple, buy LOKI
don't fucking sell
buy TRB
don't fucking sell
buy AKRO
don't fucking sell
buy YFV
don't fucking sell
What the fuck guys? you didn't learn shit from LINK?
honestly put aside any hopes of myself going on a nice holiday next year because of the news today about these new tax hikes. fuck this country, it's absolute garbage run by idiots and morons. if pnk hits 5 dollars im taking out 5% and moving to germany to avoid paying taxes here, this country does not deserve my money. it's already bad enough being trans and british, fuck
Great that's just another excuse for me to leave this country. I'm genuinely fucking off to Portugal next month. The UK as a country is so dead it's like living in a meme nation at this point.
This will reduce tax revenue in the future. it limits growth.
The state would get far more tax revenue if it taxes capital gains less and allows the economy to grow.
If this happens I'm going to Portugal
>continue to work remotely full time for the entirety of lockdown, no handouts or furlough
>taxed to the hilt at the end of it to subsidise the temporary preservation of a huge amount of useless jobs that are already gone
It's fucked. No way the tories go for corporation tax, it'll be us they go after.
oh wow i just read about portugal, i will move there instead of germany. thank you anons i never knew about the crypto tax stuff there
will you move country?
ive been on furlough for the duration and probably will be till the end of October which will be 7 months. Admittedly ive had a pay cut on furlough but being paid to not work is super based. Also a month of half price food has been brilliant but economically I can't see how that makes any sense, either way when I make it I'm out of here
How does this actually work? Has anyone here done this
Reminder that 'moving to Portugal' is a meme for newfags who havent dyor. Hmrc will still come after you in Portugal and Portuguese banks work with HMRC. The only way to avoid tax is to first become a portuguese citizen then invest portuguese money in crypto then cash that out.
>independent.co.uk
jesus christ seriously fuck this communist country
Lol they just robbing you LMAO
But I'm in Canada so eh I'll britbros one day you're island wont be a dank dystopian nightmare
when you offshore your money to the US because the taxes are cheaper to pay there than your home country.
>You can keep your tea
The mail story implies that equalising capital gains tax with income tax is only on the cards for gains on second properties (capital gains tax is already higher for properties). Not saying we won't also get a rise, but probably not quite as brutal as OP suggests.
but they wont, because they hold all their assets in offshore vehicles, redistributed via shell companies upon shell companies obfuscating where the funds go to.
BJ earns some £100k + wirting articles for the daily fail, do you think is declared? No, his time is probably charged by a company whom he is not a direct beneficiary, however a shareholder of a company that holds nothing but share capital of the company that charges out his work.
This company that charges out his work at best probably pays 10% offshore corp tax on these earnings. And at worst pays nothing if there are liabilities against the income that offset any equity.
I wouldn't pay tax in this country anyway if I was cashing out. No way norf Fc and Ahmed's 7 kids are getting my money
OI YOU A LOICENCE FOR THAT MONEY PRINTER?
So you're saying it's not the case of changing our primary residence and tax residency to Portugal and staying out of the UK for 6 months of the year?
I don't think it's a meme user, people move to tax havens all the time.
Imagine being british lmao
Thank god I got here before Brexit so I can reap the SWEET London wages, that I invest into crypto.
Once my chosen coins reach the price I want, I am fucking back to utopia Hungary and cashing out with my parents 3 plus my 2 other bank accounts paying not tax what so ever
Feels good to be from a first world country, imagine paying tax so you can be replaced by Akhmed and Khawaja
go away mr Sunak
you have to become a resident in portugal and live there for a year. after a year you're no longer considered a UK tax resident. cash out after that and buy portugese property.
he's probably thinking they'll come after you for your crypto-to-crypto trades that you made while in the UK before moving abroad. maybe he has a point but personally i dont think they'll bother after a year, maybe 3 years.
Got me
Are you obliged to pay tax once you sell or cash out in the UK? at what point are you supposed you change residence for you to be safe?
The point is that the profits from any GBP invested in crypto are taxable by hmrc. It doesnt matter if u cash out in euros into a portuguese bank as a portuguese citizen. If you made the initial investments as a uk citizen with gbp then you owe hmrc. The Portuguese bank will report the cash you deposit with them to hmrc. Hmrc have the power to freeze that Portuguese bank account.
Fuckin hell lads, never going to make it staying here
Is it time to start buying crypto in euros?
i am finished
Huh. Because of a quirk with coinbase when I first started buying crypto I have been exclusively buying in Euros (send GBP to revolut, convert to euros, send to coinbase). Does this mean I'm safe from this shit if I do move?
for how many years after being a resident in portugal will the portugese bank continue to report my cash deposits to hmrc? surely no longer than 5 years if you become a permanent resident?
I won't have to pay this if I cash out now, right?
