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1  Bitcoin / Legal / Bitcoin taxation in the UK? on: November 12, 2016, 01:52:16 PM
In the United States, bitcoin is treated as an item of property and is subject to property tax. Whereas in the United Kingdom, bitcoin is treated as private money and is subject to value added tax, corporate tax, income tax and capital gains tax. Since bitcoin is property in the US, when lost or stolen, there are deductions available. Does it mean that when taxed under UK laws, bitcoin cannot be subject to any deductions or exemptions because it is not property but money? What about when bitcoin is given as a gift - what is the proper way of taxation?
2  Economy / Economics / Re: Bitcoin taxation in the UK? on: November 12, 2016, 01:45:05 PM
Quote from: pooya87 on November 12, 2016, 07:10:40 AM
you should consult a lawyer or a financial expert in your country where you live, people around here are not experts in these delicate matters and you may get some bad information which can cause you problems in the future.

also take a look at legal board here: https://bitcointalk.org/index.php?board=74.0 that is more up the alley of your question.

Ok, thank you very much for the insight. I will do that.
3  Economy / Economics / Re: Bitcoin taxation in the UK? on: November 12, 2016, 01:28:14 PM
Quote from: BingoDog on November 11, 2016, 06:07:48 PM
Yes, in.many countries Bitcoin is tax free. Within the Europe there are some intenzivne to unify regulation of  Bitcoin but without some special restrictions.
You have mentioned taxation of Bitcoin as a gift but I don't think there will be no such tax because in most european countries gifts in form of real estates, vehichles, money etc. are tax free too.

Yeah but gift taxes are to be paid when a certain threshold is exceeded. So my question is the following: if bitcoin is not property in the UK so what happens when we lose the bitcoin or when it is stolen from us? Can we claim a deduction/exemption and based on which section of the law?
4  Economy / Economics / Re: Bitcoin taxation in the UK? on: November 12, 2016, 01:20:16 PM
Quote from: Kevin77 on November 11, 2016, 05:46:15 PM
I guess it is too early to worry on bitcoin taxation in UK as they are still studying about the possibilities of taxes on digital assets. At the same time, many European countries have cleared bitcoin as digital property and tax free.

I am writing a paper and that is the reason I asked Smiley
5  Economy / Economics / Bitcoin taxation in the UK? on: November 11, 2016, 11:06:06 AM
In the United States, bitcoin is treated as an item of property and is subject to property tax. Whereas in the United Kingdom, bitcoin is treated as private money and is subject to value added tax, corporate tax, income tax and capital gains tax. Since bitcoin is property in the US, when lost or stolen, there are deductions available. Does it mean that when taxed under UK laws, bitcoin cannot be subject to any deductions or exemptions because it is not property but money? What about when bitcoin is given as a gift - what is the proper way of taxation?
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