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1 hour ago, brettmgs said:

I'm no accountant,

But my accountant has had plenty of dealings with people making good money from crypto/assets and I spoke to him several months ago about tax for us here in the UK.

From what I can gather it's something  like this.

First £11,500 is tax free

Then the up to £48,000 is taxed @ 10% excluding the £11.5k making a total of £63.5k 

Then the remaining ballance of anything over that is taxed @ 20%

So say you cashed out at £2mil you would pay just under £400k in tax 

Any UK based accountants in xrpchat? If so please chime in to correct if I'm wrong.

I will ask my accountant to draft something up and if he will I will post it here for us.

 

Very helpful. Thank you.

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Ive recently moved over to Kraken using EUR/XRP for transactions now as much cheaper than Coinbase, also trying to figure out the best way to withdraw from time to time, Kraken seems the way to go..?

Anyone got any ideas of the best routes?

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I've been toying with the idea of contacting some of the exchanges and asking if we could get the £ implemented in to their systems. Bitstamp for certain.

What's everyone's thoughts?

Do you think they will/Would add £?

Question. Do you guts look at € or $ on the exchange?

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2 minutes ago, mariusthegreat said:

Ive recently moved over to Kraken using EUR/XRP for transactions now as much cheaper than Coinbase, also trying to figure out the best way to withdraw from time to time, Kraken seems the way to go..?

Anyone got any ideas of the best routes?

I have an account with Revolut, which gives me a EUR bank account.

I use this EUR account for transfers to and from Gatehub. If Kraken do withdrawals to EUR accounts, this could be an option.

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Just now, brettmgs said:

I've been toying with the idea of contacting some of the exchanges and asking if we could get the £ implemented in to their systems. Bitstamp for certain.

What's everyone's thoughts?

Do you think they will/Would add £?

Question. Do you guts look at € or $ on the exchange?

Excellent idea!

I usually look at USD as thats the benchmark currency at present. Seeing GBP would be awesome though..!

Bitstamp seem to be ahead of everyone else at present so am sure they will be considering it.. I think it all boils down to geographical demand. Us Brits are usually prudent when it comes to our money, so it may take time for more GBP investors to enter the market, but speaking to friends the knowledge is there, just no one wants to be the first bitten.

 

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1 hour ago, brettmgs said:

First £11,500 is tax free

Just curious, if the capital gain/losses still need to be declared if they fall <£11,500. Does HMRC only care if you breach the threshold? 

As all of my trading is currently below the £11,500 I'm very keen to avoid having to document (and convert to GBP values) each of the exchange trades I've done over the last 6 months..

Edited by Let_her_Ripple
tweaks
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4 minutes ago, Let_her_Ripple said:

Just curious, if the capital gain/losses still need to be declared if they fall <£11,500. Does HMRC only care if you breach the threshold? 

As all of my trading is currently below the £11,500 I'm very keen to avoid having to document (and convert to GBP values) each of the exchange trades I've done over the last 6 months..

as far as i know you only make capital gains when you cash out to fiat , so you only have to work it out on what actually goes in to your bank account on any given tax year .

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2 minutes ago, Let_her_Ripple said:

Oh.. That would be great.. sadly everything I have read tells me each trade is a CGT event. Happy to be proven wrong!

From comments elsewhere, this seems to be the case for our friends in USA

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1 minute ago, Let_her_Ripple said:

Oh.. That would be great.. sadly everything I have read tells me each trade is a CGT event. Happy to be proven wrong!

nothing is written in stone at the moment probably gonna take a few years to sort things out tax wise for each country , but most of all 

hmrc want people to comply so to pay capital gains tax at twenty percent is probably a good place to start .

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