Title: Tax ..not if you REALLY have money Post by: qwerty555 on August 21, 2014, 08:28:47 AM I see a lot of posts about tax
For business users and miners based in USA EU that is an issue ..that needs a smart accountant/firm but if you gain from speculation how is that a big problem? If you are inclined to convert to fiat why not do so in one of the many tax free/low tax countries? http://nomadcapitalist.com/2013/11/24/top-5-livable-countries-income-tax/ take your pick :) http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates Title: Re: Tax ..not if you REALLY have money Post by: Arctic on August 21, 2014, 08:35:33 AM It depends on the country but in for example the UK Capital gains tax is due on capital gains if you are resident in the UK if even if you convert somewhere else. Losing residency for CGT is not an easy - you can't just get on a plane - the liability stays in place for several years. Title: Re: Tax ..not if you REALLY have money Post by: qwerty555 on August 21, 2014, 08:41:49 AM It depends on the country but in for example the UK Capital gains tax is due on capital gains if you are resident in the UK if even if you convert somewhere else. Losing residency for CGT is not an easy - you can't just get on a plane - the liability stays in place for several years. True..for UK its 5 yrs as a real non resident. but Brits don't have t go far to avoid CGT http://www.independent.co.uk/news/world/europe/a-guide-to-europes-tax-havens-790860.html CHANNEL ISLANDS The Haven Guernsey and Jersey have supplemented falling tourist numbers with tax incentives and a boom in discreet financial services. What does it offer? Both offer a comparatively low 20 per cent income tax for residents, no inheritance tax and no CGT. Non-doms can negotiate how much of their income the taxman can get his hands on. Trusts, IBCs and limited partnerships benefit. Who wins? The world’s super-rich are estimated to have £247bn of assets in Jersey. Property owners include the former Formula One champion Nigel Mansell. ISLE OF MAN The Haven A self-governing Crown Dependency which is able to levy its own taxes. It is increasingly popular with US-based and online gambling companies. What does it offer? Zero corporate tax rate, a £100,000 cap on taxable income and no CGT, stamp duties or death duties. VAT on income tax, but the latter is kept at a low maximum rate by a government committed to keeping to a zero-tax strategy. and of course Gibraltar where Xapo is based LOL Capital taxation Estate Duty - There is no Estate duty in Gibraltar Capital Gains Tax - There is no Capital Gains Tax in Gibraltar. Other Capital Taxes - There are no wealth, gift or other capital taxes Title: Re: Tax ..not if you REALLY have money Post by: Kprawn on August 21, 2014, 09:55:29 AM Well not to avoid tax, but to use it to your advantage.
I will hoard all BTC and once I have enough, I will take a holiday to a country, with the highest acceptance rate for BTC {The country with the most merchants accepting BTC} While I am there, I will spend like crazy, and have the best holiday of my life. {Paying for everything in BTC} I will buy lots of gifts for my friends and pay the custom duties with fiat. Until then, I will do research, to see, what can be paid with BTC and execute it perfectly. In this way, I reward merchants who accepted BTC and I reward my family, for all the time I spend, getting it. And we will have the holiday of our lives. {But with the Satoshi I have now, we will have to drink water and eat dry crackers} ;D ;D And if your government banned it, you stick it to them, and support a country that accepted it. ;) Title: Re: Tax ..not if you REALLY have money Post by: cryptozio on August 21, 2014, 01:20:34 PM Well not to avoid tax, but to use it to your advantage. I will hoard all BTC and once I have enough, I will take a holiday to a country, with the highest acceptance rate for BTC {The country with the most merchants accepting BTC} While I am there, I will spend like crazy, and have the best holiday of my life. {Paying for everything in BTC} I will buy lots of gifts for my friends and pay the custom duties with fiat. Until then, I will do research, to see, what can be paid with BTC and execute it perfectly. In this way, I reward merchants who accepted BTC and I reward my family, for all the time I spend, getting it. And we will have the holiday of our lives. {But with the Satoshi I have now, we will have to drink water and eat dry crackers} ;D ;D And if your government banned it, you stick it to them, and support a country that accepted it. ;) So all in all you are investing in bitcoins only to spend some really nice holidays? :D Title: Re: Tax ..not if you REALLY have money Post by: Ayers on August 21, 2014, 02:22:09 PM it's not that practical to go to another country and exchange bitcoin to fiat
Title: Re: Tax ..not if you REALLY have money Post by: TimeWatch on August 21, 2014, 06:19:02 PM Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then..
Title: Re: Tax ..not if you REALLY have money Post by: Meuh6879 on August 21, 2014, 06:23:48 PM bitcoin = no.
exchanges = yes. ====> local exchange will be the future (like the saturday market... on village) Title: Re: Tax ..not if you REALLY have money Post by: JJBTCSeller on August 21, 2014, 06:31:15 PM Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then.. No, if you pay tax on Bitcoins then you're a retard. Title: Re: Tax ..not if you REALLY have money Post by: Lauda on August 21, 2014, 06:33:31 PM Well not to avoid tax, but to use it to your advantage. I will hoard all BTC and once I have enough, I will take a holiday to a country, with the highest acceptance rate for BTC {The country with the most merchants accepting BTC} While I am there, I will spend like crazy, and have the best holiday of my life. {Paying for everything in BTC} I will buy lots of gifts for my friends and pay the custom duties with fiat. Until then, I will do research, to see, what can be paid with BTC and execute it perfectly. In this way, I reward merchants who accepted BTC and I reward my family, for all the time I spend, getting it. And we will have the holiday of our lives. {But with the Satoshi I have now, we will have to drink water and eat dry crackers} ;D ;D And if your government banned it, you stick it to them, and support a country that accepted it. ;) So all in all you are investing in bitcoins only to spend some really nice holidays? :D I'm assuming one of the best places is Monaco, with great health care, no income tax, almost no crime and such. I just wonder how expensive is it to live a normal life since it is the 'playground of the rich'. Title: Re: Tax ..not if you REALLY have money Post by: Ayers on August 21, 2014, 06:51:38 PM Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then.. depend on when you live, but i wouldn't pay taxes for bitcoin ever, bitcoin is freedom! Title: Re: Tax ..not if you REALLY have money Post by: bornil267645 on August 21, 2014, 06:53:34 PM thats why we created btc in the first place...not to pay taxes...right? bitcoin rules 8) 8)
Title: Re: Tax ..not if you REALLY have money Post by: cr1776 on August 21, 2014, 06:55:39 PM Bitcoin is taxable or not? Can anyone confirm this? I might be in trouble then.. It depends where you are. It depends what tax you are talking about. It depends what you are doing with bitcoin, being paid in it, trading etc. "Bitcoin" itself is not taxable, it is a protocol, a client, and the blockchain etc. Its uses may be taxable as above. As for just not mentioning it as someone said above, it really depends on your appetite for risk. Title: Re: Tax ..not if you REALLY have money Post by: franky1 on August 21, 2014, 07:03:13 PM you only pay tax when converting coin into FIAT to a bank account registered to your name......
now how many loop holes can i see to avoid tax.. answer: many Title: Re: Tax ..not if you REALLY have money Post by: Arctic on August 22, 2014, 09:21:46 AM capital gains on BTC are taxable in the UK when realised:
http://www.hmrc.gov.uk/briefs/vat/brief0914.htm Title: Re: Tax ..not if you REALLY have money Post by: qwerty555 on August 22, 2014, 10:57:25 AM capital gains on BTC are taxable in the UK when realised: http://www.hmrc.gov.uk/briefs/vat/brief0914.htm That assumes you convert to fiat in your name or that of another uk resident and that you fully declare and that you have nothing to off set them against and ............ Example Your overall gain in 2013-14 is £18,000. The Annual Exempt Amount is £10,900 You'll pay Capital Gains Tax on the excess of £7,100 (£18,000 - £10,900). and as stated above you only pay tax when converting coin into FIAT (to a bank account registered) to your name...... now how many loop holes can i see to avoid tax.. answer: many and here are some http://www.theguardian.com/money/2007/oct/25/capitalgainstax.tax Title: Re: Tax ..not if you REALLY have money Post by: Arctic on August 22, 2014, 02:04:43 PM That assumes you convert to fiat in your name or that of another uk resident and that you fully declare and that you have nothing to off set them against and ............ absolutely - there are plenty of exemptions, the annual allowance in particular being a great one. You are obliged to fully declare. It's called self assessment. If you don't then that is tax evasion not avoidance and an entirely different kettle of fish. Title: Re: Tax ..not if you REALLY have money Post by: botany on August 23, 2014, 01:51:09 PM capital gains on BTC are taxable in the UK when realised: http://www.hmrc.gov.uk/briefs/vat/brief0914.htm Go to Hong Kong or Singapore, where there are no capital gains. :) Title: Re: Tax ..not if you REALLY have money Post by: itsAj on August 23, 2014, 06:34:23 PM you only pay tax when converting coin into FIFYnow how many loop holes can i see to avoid tax.. answer: many Any transaction that involves both BTC and something other then BTC is considered to be a barter transaction and you would need to report your gain/loss accordingly |