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Cryptocurrencies

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COYBL25 said:
@Woolly Blue

Hypothetical question - how is the tax side of moving all this "cash " around policed ?

E.g. Is regulated similar to the stock market ?
Click to expand...

It's not regulated mate, well, not yet*. But, if Kev ( or anyone else for that matter ) cashed in a large sum and transferred it to a UK bank account, then that'd get automatically flagged up as being an unusual transaction ( I'm assuming that Kev doesn't normally move that sort of money around ) and would be looked at in more detail. If there was an obviously legitimate reason for the transaction, then that'd be the end of it. If it was still deemed unusual, then the bank are legally bound to treat it as a possible money laundering transaction, and so would probably end up reporting it to HMG for investigation.

Initially HMG would be looking at it from a criminal or terrorist perspective, but, if they were satisfied that Kev isn't Mr Big, then they'd likely pass the information onto HMRC so they were aware of the situation. HMRC would put a flag up on their database against Kev's NIN, and would wait till the end of the tax assessment year to check if Kev had declared what would like a substantial capital gain.

Obviously where I use the name "Kev", you'd have to substitute his real name in there. Chances are Kev the Rat isn't his real name.

*At some point in time, the UK and EU are looking to introduce legislation to be able force cryptotraders to reveal who they are. i'd expect that to happen some time this year

http://uk.businessinsider.com/anti-...ocurrencies-regulation-eu-uk-identity-2017-12
 
Woolly Blue said:
It's not regulated mate, well, not yet*. But, if Kev ( or anyone else for that matter ) cashed in a large sum and transferred it to a UK bank account, then that'd get automatically flagged up as being an unusual transaction ( I'm assuming that Kev doesn't normally move that sort of money around ) and would be looked at in more detail. If there was an obviously legitimate reason for the transaction, then that'd be the end of it. If it was still deemed unusual, then the bank are legally bound to treat it as a possible money laundering transaction, and so would probably end up reporting it to HMG for investigation.

Initially HMG would be looking at it from a criminal or terrorist perspective, but, if they were satisfied that Kev isn't Mr Big, then they'd likely pass the information onto HMRC so they were aware of the situation. HMRC would put a flag up on their database against Kev's NIN, and would wait till the end of the tax assessment year to check if Kev had declared what would like a substantial capital gain.

Obviously where I use the name "Kev", you'd have to substitute his real name in there. Chances are Kev the Rat isn't his real name.

*At some point in time, the UK and EU are looking to introduce legislation to be able force cryptotraders to reveal who they are. i'd expect that to happen some time this year

http://uk.businessinsider.com/anti-...ocurrencies-regulation-eu-uk-identity-2017-12
Click to expand...

I assume he only pays tax on the capital gains, though, presuming he used GBP (and not another worthless fiat currency) to purchase the assets, and similar if he makes substantial losses he gains the tax advantage (I'm quite ignorant of UK tax law so am only guessing it's similarly to US) of these trading losses as well?

Surely for that chunk of change, he could hire a competent tax accountant before he invests the rest in Moshiri's dockland stadium financing scheme?
 

cronullasharks said:
Does anyone think getting a heap of payday loans to buy bitcoin is a sensible long term strategy ?
Click to expand...

Surely it's just a simple calculation of the cost of borrowing (400% APR) vs the potential gains (515%) times the probability of achieving your anticipated gains (100%)?


*Trading any type of asset, whether traditional securities, futures and options, tulip bulbs, light bulbs, or imaginary currency involves the risk of loss. Please consider carefully whether the trade(s) suggested above are appropriate to your financial situation. Only risk capital should be used when trading. You have no customer account agreement, no trading account, and cannot make any claim against the above advice for any service represented or misunderstood to rendered here. Investors may lose more than their initial investment in some trading schemes. Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
 
SerenityNigh said:
Surely it's just a simple calculation of the cost of borrowing (400% APR) vs the potential gains (515%) times the probability of achieving your anticipated gains (100%)?


*Trading any type of asset, whether traditional securities, futures and options, tulip bulbs, light bulbs, or imaginary currency involves the risk of loss. Please consider carefully whether the trade(s) suggested above are appropriate to your financial situation. Only risk capital should be used when trading. You have no customer account agreement, no trading account, and cannot make any claim against the above advice for any service represented or misunderstood to rendered here. Investors may lose more than their initial investment in some trading schemes. Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
Click to expand...
All i see are big numbers. That's good right ?
 
Woolly Blue said:
It's not regulated mate, well, not yet*. But, if Kev ( or anyone else for that matter ) cashed in a large sum and transferred it to a UK bank account, then that'd get automatically flagged up as being an unusual transaction ( I'm assuming that Kev doesn't normally move that sort of money around ) and would be looked at in more detail. If there was an obviously legitimate reason for the transaction, then that'd be the end of it. If it was still deemed unusual, then the bank are legally bound to treat it as a possible money laundering transaction, and so would probably end up reporting it to HMG for investigation.

Initially HMG would be looking at it from a criminal or terrorist perspective, but, if they were satisfied that Kev isn't Mr Big, then they'd likely pass the information onto HMRC so they were aware of the situation. HMRC would put a flag up on their database against Kev's NIN, and would wait till the end of the tax assessment year to check if Kev had declared what would like a substantial capital gain.

Obviously where I use the name "Kev", you'd have to substitute his real name in there. Chances are Kev the Rat isn't his real name.

*At some point in time, the UK and EU are looking to introduce legislation to be able force cryptotraders to reveal who they are. i'd expect that to happen some time this year

http://uk.businessinsider.com/anti-...ocurrencies-regulation-eu-uk-identity-2017-12
Click to expand...

I'm not crazy enough to start depositing fiat from crypto sales directly into my bank account.
 

Bruce Wayne said:
Take care of yourself mate.
Click to expand...
Yes it's worrying every 4-5 months I have these attacks got told my first one the pottasium poisenining was so close to a heart attack had three attacks since at last got a doctor who as a humble houseman is going to try and let the powers be to stabilise it no blaming of medications just commonse he is writing to my GP to let my top kidney specialist know - just glad to be able to post on here today Bruce - thanks for your kind words - scared of googling the onset of Addisons desease!
Stood on the scale today lost 1 stone in weight - totally dehydrated late afternoon fluids bypassing my kidneys- rigours etc etc fluid out of the wrong orrifices a double endear felt like someone had kicked me in the guts same syptoms feeling a wee bit better now ;)
 

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