UK Crypto Tax

you might do I dont lmao

Gibraltar.
British Overseas Territory.
Fly from Gatwick £6
Rent a room.
Declare residency.
Cash out 0% CG Tax
Peace.

You can cash out £12k for free a year anyway

Cashing out is a thing if you're not a trader and have just been buying BTC, Link, Eth etc and Hodling.

Forget the taxes
YOU GOT A FOCKING LOISCENCE FOR THAT CRYPTO MATE????

£60 Gatwick to Gibraltar. Not £6

What are you talking about? License?

>Is your plan to just carry the capital loss forward until you make a gain?
yeah

>If it's a loss I'd just add them all in one year desu, they're not going to check
you sure about that? they want calculations of how you got to your loss

Worse case scenario they dont allow your losses, best case the losses get carried forward and they never open an enquiry into you.

surely this doesn't work quite as simply as this? what's the catch?

>>If it's a loss I'd just add them all in one year desu, they're not going to check
Infact....

Claim for your loss by including it on your tax return. If you’ve never made a gain and are not registered for Self Assessment, you can write to HMRC instead.

You do not have to report losses straight away - you can claim up to 4 years after the end of the tax year that you disposed of the asset.

no, only trades on uniswap and balancer

>If you’ve never made a gain and are not registered for Self Assessment, you can write to HMRC instead.
so something along the lines of:
dear hmrc,

i want to claim a loss for the 2017, 18 and 19 tax years. here are my calculations

kind regards,
good goy

cheers user

Never cash out, only sell gains made either by providing crypto (Link) to lending platforms or through staking. My taxes are fucked otherwise because of trading a lot when I was younger and not making good records.

>gov.uk/capital-gains-tax/losses
read this
>gov.uk/government/organisations/hm-revenue-customs/contact/capital-gains-tax-enquiries-for-individuals-employees-and-self-employed
Then follow this
for the 16/17 tax year you'd have until 5 April 2021 if they're using the tax year dates and not filing dates

is it worth hiring an accountant to draft the letter for me, just to cover my ass?

If you can do it yourself I'd just do it. I work for HMRC and I've literally had a paper bag filled with pieces of stained paper and they were acceptable records, if you use an accountant they will ask you for all the calculations that you'd have to do anyway and just format it into a letter

interesting, I think I'll use one of those crypto tax calculator sites to do the calculations for me, print off the report and send it off to HMRC with a letter

would you say they're clued up about crypto? (specifically defi/staking/being a LP)

thanks HRMCanon

That should suffice user, as you've yet to even claim it against a gain there is no tax loss so should be no issue.

HMRC is just dipping its toes into crypto so it will be years before they start looking at defi/staking anything else.

Check koinly.io you can add API keys from exchanges and it will pull your trades and realised gains from each. Takes a few mins to set up if you have used multiple exchanges but it’s worth it.

You'd still be liable for any crypto to crypto capital gains incurred while you were resident in UK, but none after becoming resident in Gibraltar, as far as I can tell. It's a tax haven and there are crypto-savvy lawyers and accountants there. When Link goes where I need it to, it's my plan. Also, no CG on staking returns. Have a look.

wouldn't you have to be there for quite a while or get employment to claim residency? I'll have a look on google but is there any one stop shop you used as a reference when you learned about this stuff?

Ordinarily Resident – A person becomes ordinarily resident in Gibraltar if they visit or stay for more than 183 days in a year, or more than 300 days in three consecutive years.

and yes we can check when you left the country and when you returned