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Author Topic: Bitcoinminer + Limmited Company + Accountant = Police visit ?  (Read 2347 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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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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V4Vendettas (OP)
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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
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^^ 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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