UK Tax questions - collective thread request - explanations for an idiot

[lewisaro]

Hello all,

myself, as-well as a large quantity of people I talk to have a lot of confusion with the implementations of UK tax on crypto, I have read many different opinions online and am looking for a definitive answer on some questions.


1. is tax only payable over £11,300 even if i regularly trade between multiple cryptos?
2. do I have to declare anything under 11.3k?
3. above 11.3k what information do I need to provide? it will be a pain if i am day trading for example is this all neccesary?

4. a small majority of my crypto was obtained through selling some game skin items that I've received in game for playing (csgo skins through cases) how is this taxable and how much will i need to pay (do i only pay over 11.3k on this? is it all considered profit) etc etc

Could we post any useful information onto this thread to to collect thoughts too?

Thanks

[lewisaro]

Bumping this, after further research there seems to still be no definitive answer.

[Xintenson]

Of course I can't really help since I'm in the US, but I imagine any income is taxable once you turn it into the country's currency.

[LeGaulois]

Bumping this, after further research there seems to still be no definitive answer.

@lewisaro
It's not giving a full answer but there are maybe some hints here UK: Investors could legitimately be classified as gamblers The tax-free loophole
Capital Gains Tax (CGT) is payable on gains above £11,300. Of course you're supposed to declare anything, no matter how much.
If the majority of your cryptos come from selling some game skin items then it's not considered as CGT.

[Granxis]

The Netherlands then regulated the United kingdom, surprised me that they think they are not in compliance with the tax law. Eastern european countries seem to be more tolerant of tax, and Denmark, Ireland and Germany have a positive opinion of Bitcoin.