Andrew Wright

Registered with Property118.com
Friday 17th November 2017

Trading Status
Joint


Latest Comments

Total Number of Property118 Comments: 3

Andrew Wright

13:32 PM, 14th December 2017
About 11 months ago

Here's My Bitcoin Strategy - What's Yours?

Reply to the comment left by Mark Alexander at 14/12/2017 - 13:02
Yes I think that like a lot of tax it currently depends on traceability and honesty! Some claim that bitcoin is not controlled by governments and therefore not subject to tax, but that is obviously wishful thinking. Regulation and data sharing from exchanges such as Coinbase will start to bite over the coming years and make it somewhat harder to evade tax for most, although the space will remain difficult to police. Outside the US/UK, it does seem that many countries do not tax cryptocurrencies, or have not thought about it yet.... Read More

Andrew Wright

12:43 PM, 14th December 2017
About 11 months ago

Here's My Bitcoin Strategy - What's Yours?

The UK tax treatment depends on how one's cryptocurrency activity is classed. If received as a form of payment for goods or services then it would be income and therefore subject to income or corporation tax. However, if coins are held longer term (or bought in the first place) as "investment"/speculation, i.e. not promptly converted to fiat, then CGT would generally apply, unless one has a business that qualifies as trading in which case corporation tax applies.

There are many discussions of this topic on cryptocurrency forums, and they all point to this 2014 HMRC brief: https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies.... Read More

Andrew Wright

11:17 AM, 14th December 2017
About 11 months ago

Here's My Bitcoin Strategy - What's Yours?

Bitcoin gains are subject to CGT - at least in the UK. I suspect HMRC has a bit of catching up to do here, but Coinbase is already cooperating with the US tax authorities, so the precedent has been set.... Read More