What is the most tax efficient way to buy XRP long term

[norvnr]

Good day,

Following my first purchase of XRP I was wondering what people think will be the most tax efficient way to buy XRP? I am no expert on the subject and only have an average understanding of UK taxation laws, and I understand that this question can only be answered with educated guesses at best.

My thoughts are is it more beneficial to buy XRP directly from a fiat curreny or another crypto such as BTC? In the future if bitcoin is accepted to follow the same tax rules of a fiat currency today along with XRP and for arguments sake both make the same percentage gains over a given period could you argue that no gain was made? 

Thanks!

Edited May 25, 2017 by norvnr

[coinjester]

As far as my current understanding, it helps to think of Crypto as assets, not currency, at the moment.

Not sure about the UK, but if Trump's plans go through, you're looking at lower capital gains tax.

The moment you convert to fiat is when it becomes taxable income. The moment you buy crypto with fiat, they (the assets) are eligible for tax write off's—again, for the US. Not sure about UK's code; but readers should know.

[WalterBlack]

I was pleasantly surprised to learn that the capital gains tax is only 20% in the land of the free. If these things do as well as everyone says, I'll happily pay that.