Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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Buying and selling dash is not a taxable event for you? How is that?
Well I understood you pay captial gains when there is a fiat gain in value at the time when you dispose it, ie sell it for fiat. I'm in the UK. I hope I got that right. If I have to proof every single trade between Dash and Bitcoin or whatever other crypto I don't know how on earth I could even start to do that
Some exchanges I have used no longer even exist. I sympathise, in UK too.
Since HMRC advice is so sketchy (it goes back to a vague 2014 reference effectively saying 'we will treat it all on a case-by-case basis') we are in the dark.
I only cash out in BTC and only (originally) went in via BTC so, I am asking my accountant to simply list all fiat 'in' events and fiat 'out' events and hoping it will be just CGT. But be aware they can see it as 'badge of trade' and charge as though it was income if they think you're a trader.
I am hoping if I cough up CGT and list only Bitcoin bought and sold and just pay up, they will accept it.
If not, I will find others here in the same position and suggest we club together to get a QC to fight HMRC - as paying 45% income tax will be too much to let pass.
I know you and I have different 'cryptos of choice' but we may end up in the same expensive boat, under the same threat of a massive tax bill.
Odds on they will just take the CGT, but if not... Let's consider a fight - I think we can probably both afford to chip in for a legal case with others, which they won't have the staff or competence to want to bother with.
Sometimes Dashheads and Moneroans can perhaps find common cause ;-)