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September 28, 2018, 08:43:46 PM |
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1. I buy £100 worth of bitcoin from coinbase
NON TAXABLE
2. Instantly transfer the bitcoin over to an exchange which deals with xrp
NON TAXABLE
3. Buy XRP with my Bitcoin (if the bitcoin increases in value at this point is it classed as taxable?)
NON TAXABLE except in the case you mention, then is taxable.
4. After 1 month my XRP increases in value to £200 but I leave it in my wallet (is this taxable?)
NON TAXABLE, no profit made, just potential.
5. After 1 year my XRP increases overall to £1100 (£1000 profit) and I decide to withdraw it to GBP
TAXABLE, but below the 11k limit, so you don´t need to declare.
Is the £11k limit for anyone no matter what you earn when working a normal paye job?
YES
And any profit made over the 11k limit will be subjected to the 20% tax rule?
YES, but you can transfer to your wife / legal partner half, so the practical limit is 22k.
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