Is there a "trade" or "self-employment" tax in the UK that hobby miners are able to avoid? They still appear to be liable for taxes on mining receipts as ordinary income, plus capital gains tax if they benefit from appreciation.
Obviously gentlemand is far more qualified to answer this so I'll let him go through the details but I do share his view, as my first impression was that large scale mining is also subject to corporation tax.
If you keep a low profile and don't do anything on a large scale nobody is going to start analyzing your finances and taxes, and obviously a few s17 more or less won't bring you that much profit to tip the scale that much.
In theory, you would have to pay tax for every gain, and that is everywhere but who does?
I did pay some income tax for the amount I withdraw via my bank account, did I say anything about the gains from the CM?
Don't know anything about that man!!!
These countries (in the EU and probably within the EEA as a whole) even if they wanted to can thankfully no longer do it since the EU Court of Justice has rules otherwise.
Speaking of the EU, imagine having to pay income tax on foreign currency gains with 18 currencies instead of the euro...