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Author Topic: Bitcoinminer + Limmited Company + Accountant = Police visit ?  (Read 1994 times)
ribuck
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July 22, 2011, 05:45:54 PM
 #21

The good news for Bitcoin speculators is that any gains are treated as capital gains (taxed at 18%) and have an annual exemption...

What qualifies Bitcoin mining as capital gains?
If you mine and then barter I don't see how this would necessarily be taxable.

I was thinking that the reference to capital gains tax related to investment profits (e.g. someone who bought some bitcoins three months ago, then sold them now at a higher price).
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"Apparently, so I am told, there exist "people" who prefer to wipe sitting down. From the front. Initial research indicates it could be up to half the population." -- benjamindees
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V4Vendettas
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July 22, 2011, 06:50:38 PM
 #22

The good news for Bitcoin speculators is that any gains are treated as capital gains (taxed at 18%) and have an annual exemption...

What qualifies Bitcoin mining as capital gains?
I was thinking that the reference to capital gains tax related to investment profits (e.g. someone who bought some bitcoins three months ago, then sold them now at a higher price).

^^ This but also mining bitocins that are then sold for £.

So I won't be going over my capital gains threshold Grin

Will just sit on/spend the rest.

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July 23, 2011, 06:56:36 PM
 #23

^^ This but also mining bitocins that are then sold for £.

This is what I don't understand, if you buy equipment (computer) soley create something (BTC) with the intention of selling that product for currency (£), then how is this not standard taxable income?

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