THEY'RE COMING FOR MY CRYPTO
Leave and cash out your gains in another country.
Anyone else unironically gone if they do this shit?
Wtf is wrong with that guys ears?
as if this wasn't predictable when they shut down everything back in march and started giving out £10k to people
Debating it. The dilema for me is that in order to leave the country I need money and in order to get the money I need to sell. I suppose I could sell a small chunk and leave then sell the rest after Ive renounced UK citizenship. We all know link is going to $1000 for all of 0.01 seconds before dumping back to $50 in an instant.
Timing has always been an issue for me when trying to cash out in a bullrun. If you look at the last peak BTC whales had all of about a week to cash out anywhere near ATH before it crashed. How are you supposed to get tax advise/leave the country in that amount of time. As soon as you hit the sell button its too late, you owe the tax.
Were basically fucked if they implement this IMO.
10k capital allowance on your mum,
10k capital allowance on dad,
10k on your sister
10k on your wife
10k you
you get 50k without tax, rest you can still tax or keep till next year bro and repeat..
If I cash only out 50k I'll be making a loss
You don't need to renounce citizenship you absolute mong. How old are you?
Tax residency and citizenship are different things. It's illegal to remove someone's citizenship if they don't have dual nationality. You can move to Portugal or many other places with no cap gains and become a permanent resident there. This means that you will have to cut certain ties like bank accounts to the UK etc but you can still spend some time in the UK without being a tax resident - it's about 190 days a year out of the country if I remember correctly. Do some research man - if they do this we are all fleeing - literally will do it legitimately as well - 'your policies are corrupt - I now live in Malta'.
Well you can't avoid tax completely especially if you wanna cash out over 100k but you can optimise it..
Also your allowance will reset every year.
Bigger amounts are reported to HRMC from coinbase so it's just a matter of time you receive a letter from HRMC and I can guarantee at that point you will loose more than your 20% tax..
Don't care , not selling , governments won't see a single satoshi from me.
>your country puts capital gains tax on crypto
>not living in a comfy country like Slovenia where crypto is considered currency and thus no capital gains tax
Won't work
Yes this user knows how it works.
Just spend less than 6 months in UK and you won't be treated as tax resident you can still keep the Wessex passport doesn't matter.
Enjoy your nany state, stupid anglo.
This is the use case for Freedom Reserve.
Please elaborate.
>just spend half your life somewhere else bro
better take your PNK and have a court-approved carrier take it to safety
what nonsense, just trade to usdt then start making preparations
That’s a taxable event
Are you here Andy lad
This is my plan sir, if I ever make any gains....
If they wanted me to pay tax they would make it easier to pay tax, never ever.
Buy your own lunch you scrounging cunts.
You didn't have "a week", you could have cashed out any time over a period of about four months for over $10K. Then rebought after it crashed to $3K. You don't have to absolutely nail the exact peak.
When you see a huge parabolic rise and then suddenly the price starts spiking up and down really really fast, you know the party is over.
Wow, these threads are truly full of tards, I'll say again, if you have permanent residency in another country and revoke UK residency then you do not need to pay capital gains. Capital gains - it's a one time cash out. Do what you want after that - buy a flat overlooking the houses of parliament if you want and become a permeant resident again. These threads never fail to bring out NPCs that will never make it with a poor person mindset. The rich do this literally every day and you pay for it. they pay less than 1k tax a year and you pay tens of thousands on your wagie salary. NGMI
How do you actually practically implement this though? So lets say for example its June 2021 and I cash out £5m of crypto and gtfo of this shithole and live in Portugal. When it gets round to April 2022 (end of tax year) i have lived in portugal for over 183 days. Do I now not pay tax on this £5m? So I can now move back to the UK or do whatever I want?
OR do I need to be a non-tax resisdent at the time of the disposal. Meanings I will have had to anticipate that my crypto would be worth £5m 183 days in advanced (impossible) and quit my job and give up my entire life and live in Portugal.
If it is that way then its not feasible. Maybe if I had inherited £5m worth of gold or something I could do it but with the volatility of crypto its not possible.
it's should be 100%
only legitimate income is that of politicians, everything else is haram
If they double capital gains I’ll seriously consider moving to Switzerland for a bit before I sell. There must be some way, I haven’t done research though. They allow fucking Vodafone and Starbucks to avoid taxes but they come after the little guys trying to build a little wealth, fuck off.
All you had to do was not to sell to be honest.
It's that simple, unless financial system collapses, you do not sell. Jew wants to invent some tricks (FUD?) to convince you to sell? You don't, instead, you price them the fuck out. Buy the coins. Do not sell them ever.
What's to prevent someone from using a metamask wallet and using a Bitcoin atm to avoid the taxes?
You'll pay huge fees, but?
At least those companies create thousands of jobs then all the good little wagies can do their PAYE contributions to make up for it
XSN
Stakenet solves this