UK capital gains tax going up to 40% - Thread 2

UK capital gains tax going up to 40% - Thred 2

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No halbe des english por foavre m8

Where we going boys? Malta? Portugal? Germany? Isle of Man? Gibralta? Other?

It's not confirmed is it? Just as I start to fucking make it. Right, off to portugal

40% is still very lenient pay your taxes you nazi anarchists or move to somalia. refugees are literally being forced to live off barely 80 pounds a day because 60% of your theft (aka. property) is not enough for you

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No where.

You cant move and avoid it. the prvius thread said, if you made the gain (as most of us have) regardless of moving later, we are all screwed

Portugal has really high income tax rates if you ever plan on having a job, plus capital gains and dividends are high if you plan on investing crypto money back into more traditional investments

No just rumours. Probably deliberately leaked to gauge opinion. Also one of the 2 articles I've read on it implied the rumoured rise is to target CGT on second homes, so decent chance CGT doesn't go up for us or if it does it might not be to 40%.

JESUS CHRIST WHY THE FUCK DO THEY ALLOW STOCKS AND SHARES ISA WHERE THEY PAY NO FUCKING TAX

>This means a person who holds exchanges tokens is liable to pay UK tax if they are a UK resident and carry out a transaction with their tokens which is subject to UK tax.

>IF they are a UK resident AND CARRY OUT A TRANSCATION with their tokens which is subject to UK tax.

sweet, how long does it take to become a Portuguese citizen?

only if you trade tho

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Don't see this happening. Tories won't want a "war on the middle class" narrative developing

I'll ask them if I can pay my 40% in BTC and when they say no I'll tell them to fuck off then

It won't go up to 40% this year anyway, so if you have realised gains it will still be at 20%. If your hodling still too then you'll want to relocate for the following tax year when it does go to 40%.

Come to Portugal, it's one of the only safe places in Europe anyway.

So what is the best course of action then? Has anyone actually acted out on these hypothetical 'Just move to IoM, or Gib bro!'?

You're kidding right? Sunak has shown himself left of Corbyn so far.

what confuses me is the wording. they say hmrc considers crypto as a chargeable asset if its capable of being owned and has a value that CAN be realised. This makes me think you dont necessarily have to trade it for it to be subject to CGT, rather that it just has to be on the market.

>It won't go up to 40% this year anyway, so if you have realised gains it will still be at 20%. If your hodling still too then you'll want to relocate for the following tax year when it does go to 40%.

so link is crashing back to sub $1 on april 5, 2021

>40% is still very lenient pay your taxes you nazi anarchists or move to somalia.

Get all the niggers to fuck off back to Somalia first and then I'll consider paying 40%.

>refugees are literally being forced to live off barely 80 pounds a day

How about we RPG the boats before they reach the shore? That'll be cheaper than paying the ungrateful cunts 80 quid a day.

You could also cash out directly into gold and sell gold for cash without ID.

You could also go the classic route of setting up a company in Cyprus or something, offer "IT consulting" and take your own crypto as payment.

"chargable assets" are just assets you pay cap gains on WHEN YOU SELL them. no transactions -> no taxes on chargable assets

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Surely this would take place in the tax year starting April 2021? Not immediately right, if it were to happen

oh yeah, shoulder the liquidity problem onto someone else in exchange for literal gold, amazing idea

so if you exchange your assets for services as a uk resident you don't need to pay taxes on the fiat value of the service?

I've always had my eyes on New Zealand. Isle of Man if that doesn't work out.

That wont work.
Because you as the individual would be transferring that crypto to the company, which is the taxable event.

The best solution is to cash out before 31st March 2021.

The 40% Tax hike will be for NEXT YEAR

Correct
No, that guy is completely wrong. see above

Invest in an accountant and lawyer as soon as your online money is getting to "replace your job" levels.

sweet so why were so many cunts saying even after years of living abroad hmrc will still come after you

It’s for 2nd Homes only OP. Which is good, because landlords are the greediest fucking bastards ever and I’m a capitalist. They wouldn’t do it for trading / investment gains, as it deincentivises the market.

More people owning houses = better, as mortgages are usually cheaper than rent. = more money to spend in the economy.

I will be the first to leave if they hike CGT to 40% on Trading gains