I am in the UK and have not yet cashed out any coin.

However when I do, I understand from a phone call to the HMRC and a cross check of their website, that I will be needing to pay capital gains tax over a certain tax free threshold, reset annually.

So although there is no 'Bitcoin Tax' the act of changing Bitcoin in to Fiat creates a Capital Gain.

So I just have to make sure that I stick within the £10k or so annual threshold and I don't pay a penny.

However, if I do happen to need to or want to exceed that threshold, will I pay the tax? Of course I fucking will, I don't need or want the hassle of a fine or jail time. Anyone who says otherwise is, in my opinion, a total imbecile.