|
Title: Capital gain tax question Post by: jake4t on July 21, 2019, 03:19:16 PM I am a bitcoin beginner (a non-UK person, who is currently based in UK). I plan to buy some bitcoins in UK and hold it for some time. If I decides to sell it eventually, and if I happen to be outside UK, lets say in my home country, or some other non-uk country, then in which country will I have to pay capital gains tax or loss?
Title: Re: Capital gain tax question Post by: AdolfinWolf on July 21, 2019, 03:36:46 PM https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals
Quote Capital Gains Tax HMRC would expect that buying and selling of cryptoassets by an individual will normally amount to investment activity (rather than a trade of dealing in cryptoassets). In such cases, if an individual invests in cryptoassets they will typically have to pay Capital Gains Tax on any gains they realise. I am not a lawyer, and in my country they use a fictitious yield where you pay capital gains over each year, so i'm not entirely sure how it would work in the UK, but it looks like you only need to pay when you "cash", or rather, "realise" your profits? Might be smart for you to contact a lawyer about this though if we're talking about large amounts, to make sure you're adhering the double tax treaties etc. https://www.gov.uk/government/publications/double-taxation-treaties-overview (Not entirely sure if it's applicable here, hence why you should probably contact someone who knows what he's doing :P :-\) Title: Re: Capital gain tax question Post by: bitmover on July 21, 2019, 04:02:31 PM This is a very local issue, and most of the users in this forum can't help you.
In my case, Brazil, I have to pay 15% taxes of my capital gains (only if I sell) Unless you are dealing with high amounts, I think you shouldn't worry about it now. Buy your bitcoin, study about how to store it safely, and when you decide to sell you can research about it. There are tons of websites outside bitcointalk which may give you more precise information about your situation. Probably even uk government may have some information online about it (Brazil does) Title: Re: Capital gain tax question Post by: Thirdspace on July 21, 2019, 07:10:09 PM I am a bitcoin beginner (a non-UK person, who is currently based in UK). what do you mean by "currently based in UK"? study, work, live, or what? ~ then in which country will I have to pay capital gains tax or loss? basically your tax obligation depends on your residency status in the UK cmiiw, a nonresident alien usually pays capital gains tax to his country of origin Title: Re: Capital gain tax question Post by: LeGaulois on July 21, 2019, 07:44:24 PM The question is not about if he has to pay taxes or what percentage. It's about where he is eligible to pay it. There is no need to visit a lawyer for this.
@OP You have to report the gains in the country you're located. If you move your location you will pay the taxes in the new country. In my country, you need to live a minimum of 6 months outside to not be considered eligible to pay the taxes to France. Let's say I buy bitcoins today and move to Germany tomorrow if I sell within 6 months I pay the taxes in France, if I sell after 6 months the taxes will be payable to Germany. Title: Re: Capital gain tax question Post by: Zionatin on July 21, 2019, 10:38:29 PM You are missing the point of bitcoin and are seeing it as an investment to earn more fiat... Why don't you just spend your bitcoin directly and then just keep it? Why sell it? So you can make crappy fiat transactions on an outdated and controlled centralized system? You are also talking about first world countries and you should be able to spend it directly in countries that are so well developed.
How much bitcoin do you have? Explain what you trying to do so we can help you better? Are you wanting to profit and buy back in? Or just a fiat slave? You coming across like a fiat slave. |