UK Tax - How do you report your Bitmex trades?

[BTCtricks]

Its the start of the new tax year yesterday & I'm trying to compute what I owe & set some aside to pay next year. I'm wondering has anyone been advised on how to handle Bitmex trades?

Everywhere seems to be saying capital gains for all other transactions, but i have not seen anything on Bitmex type transactions.

[botany]

Its the start of the new tax year yesterday & I'm trying to compute what I owe & set some aside to pay next year. I'm wondering has anyone been advised on how to handle Bitmex trades?

Everywhere seems to be saying capital gains for all other transactions, but i have not seen anything on Bitmex type transactions.

When you talk about Bitmex trades, I assume you are talking about leverage trades.
The leverage trades on Bitmex essentially resemble spread betting. According to HMRC guidance, this wouldn't constitute capital gains.

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg56105

The spread-betting company normally requires only a small deposit. Winnings or losses may well exceed this sum.

Though the terminology used in spread betting frequently echoes that of the derivatives market, no assets are acquired or disposed of and no chargeable gains or allowable losses arise from spread betting, see CG12602.

[BTCtricks]

I am talking about leverage trades yes.

Have you had professional advice on this?

I am just trying to see how everyone is handling it. So far I have had CGT from most people I have talked to. Others have argued gambling in the case of the perps contract as it designed specifically for speculation & could be deemed a wager contract as it is peer to peer & the funding rate make it pretty useless for hedging.

[guybrushthreepwood]

I am talking about leverage trades yes.

Have you had professional advice on this?

I am just trying to see how everyone is handling it. So far I have had CGT from most people I have talked to. Others have argued gambling in the case of the perps contract as it designed specifically for speculation & could be deemed a wager contract as it is peer to peer & the funding rate make it pretty useless for hedging.

If this is something you're worried or unclear about then get an accountant to be safe. Unless otherwise stated by your government I would say trading in cryptos would most likely fall under the same rules as trading stocks and shares and you're probably liable for capital gain taxes on profits. I would be surprised if they count this as gambling but you don't have to pay taxes on gambling profits in the UK last time I checked.