Bongs, what are some Legal methods of reducing CGT Tax?
I have already bought it, in personal capacity. I bought 4,000 Link at 50 cents and still holding.
If i were to cash out and sell it would be around £40k.
Less 12.5k allowance and less purchase price = gain of 26,500
Higher rate tax payer so CGT Rate at 20%
26,500 @ 20% = which Tax would be at £5,300
unless i'm retarded, i thought if u held for 1 year and made no trades in UK the rate goes from 20% to 10%
just don’t pay it, 40k is nothing
Source on that?
Fellow Bong here. Living abroad. If you live abroad for 5 years or more you pay no tax at all to the UK and your host country never knows about your finances.
Either that, or move to Portugal, Germany etc.
Why cash out before the GBR anyway?
In the UK - that is false, there is no source on that.Checked and been though HMRC websites.
Well that is Illegal, you will find out in good time, what you evade tax.
I am asking for Legal advice, to pay my tax and minimnise my liabilities.
I forgot to mention. I do NOT want to change residentship or move abroad, that option is not feasible. Thank you
faggot
Anyone know a REALLY good accountant, competent with crypto?
me right now.
Yeah, this doesnt apply here in the uk
> if u held for 1 year and made no trades in UK the rate goes from 20% to 10%
faggot the gov doesn’t give a shit about you and your 40k
Faggot - I know that, I just dont want my ass handded to me, when Cuckbase give my info and details to HMRC and they follow up 3-4 years down the line.
Grow up
open a cash isa account you can cash out 20k and put it in there and it is tax free and you can lift it out again whenever you want all at once or little by little. That plus your allowance should cover you
>Bongs, what are some Legal methods of reducing CGT Tax?
The absolute best way is to leave the country and never come back. The UK is a rainy paki and nigger infested prison island where you get locked in your home over the flu, so why would you want to hand over any of your hard earned money to your prison wardens? the ultimate form of cuckoldry desu.
Look retard. Read about the Common Reporting Standard. There's a snapshot every 1st of January. Pull your crypto off and put it in a hardwallet and stop being poor and hold for GBR you fucking idiot.
the fuck is GBR?
Just cash out the full £12.5k and if you're desperate to turn more into fiat, use your ISA allowance.
I'd say leave the extra £30k in stablecoins/crypto and wait until the 20% tax doesn't matter. 20% tax on 5mil leaves you with 4mil - think of it more like this.
>the fuck is GBR?
ngmi
How and what do you mean use your ISA allowance?
Lol, you do realize, if i do LINK to stable coin, that's a Taxable event. So if I am in stable coin in 2020 and in 2023 I cash out that stable coin the gain would be looked at in 2020 and would be stung then
>£12.5k
anything less than this per year and i don't have to declare, right?
there's not a lot you can do, other than any bring realised losses forward.
there isn't a lot of support for us right now because they've given fairly guidelines following capital gains.
there will be in time in the future where they begin to introduce loop holes as more people hold.
I reckomend pulling out your initial and gains now and then pulling out your allowance plus anything else in the new financial year and getting taxed.
I wouldn't pay for an accountant, just a waste of money on your scale.
now post a picture of your hand and prove ur British and not paki
you have to declare regardless if you pick related
I'm thinking of cashing out my free 12.3k soon, should I inform my bank or just do it?
Also, best way to do it? Coinbase?
No you don't, learn to fucking read.
I'd phone the bank beforehand, fuck having you account frozen and having to mess around with that.
unless the rules have changed.... with shares there's a 10% reduction in tax liability per year of holding - not certain if this applies to crypto - best plan is to find a good accountant whose willing to be..... creative :) not illegal obv, its just that imho most people drawn to accountancy are beyond straight-laced.
you learn to read
Just take out your limit once a year and put it all into gold sovereigns for Long term storage you pay no CGT on that
OP is cashing out 40k which is under 4 times the 12k allowance limit and assuming he is not self-employed then he doesn't need to report anything.
Fucking brainlet.
this is the shittest thread I have read.
sorry bud but you just gotta pay up unfortunately.
or you can wait and hope some new crypto tax law comes in which I doubt. or you do something a bit shady....
actually just remembered I think you can defer or reduce CGT by investing your gains into an enterprise investment scheme (EIS)
dunno EIS might be an avenue to explore.
If they introduce a new crypto tax law it will no doubt be worse than the current rules to squeeze more out of you.
Tories are fucking scum.
does this also alert authorities in any way? Do I have to explain they're crypto gains?