Quote from: lili song on January 21, 2018, 01:03:20 PM

Quote from: NicG13 on January 12, 2018, 10:45:50 AM

In the UK you should pay capital gains tax like with anything else since bitcoin and other cryptocurrencies are regarded as capital assets.

So when you sell your cryptocurrency you should pay tax on the actual capital gain.

The actual % varies according to your tax bracket since the tax system in the UK is progressive.

Example from the HMRC website:

"You bought a painting for £5,000 and sold it later for £25,000. This means you made a gain of £20,000 (£25,000 minus £5,000)."

If you swap in BTC for painting you know you need to pay tax on the £20K.

Identify your tax bracket and you know what you owe the government.

Conversely, you can get tax relieved if you've made a loss on your bitcoin; two-way street.

Yes I agree with you, we can do this ways, if we sell cryptocurrency should pay tax. Tax is very important for every country.
So that country can grow if people pay tax and economies from that country will be better. Anyway every transactions with bitcoin can do include tax.

right sir. so the state has tax revenue from the sale of cryptocurrency and the funds can be used for the progress of every citizen through example of development aspects