Hello! I am a Filipino currently residing and working in the UK. I have been investing into crypto since November 2017. I use a USA-based Gemini exchange to deposit GBP and get me started with crypto investing. Now what if I make 1M USD profit out of a coin? What are the tax implications?
.
SITUATION A
If I convert BTC to USD in my Gemini exchange, will that already be subjected to tax? Will USA tax me considering I do not reside there? Now of course I have to transfer the money to my UK bank. If my UK bank receives it, will I have to declare the money as capital gains taxable to HMRC? Or is it treated as betting/gambling wins, therefore free of tax?
.
SITUATION B
If I send BTC to coins.ph (Philippine Digital currency exchange), then convert it to PHP, will that give me max profit considering the new tax scheme under TRAIN law?
.
Basically, I want to know the best way to lessen the amount of tax that I have to pay. Do I have to record every trade transactions that I make? Because I will start now if I have to.
Thanks ever so much to anyone who will answer.
Tax does not apply to bitcoin. Only if you store your bitcoin in a government base. The tax will be charge. I know friends who earn bitcoin but foea not pay their taxes. Since the government are not aware of it maybe.