Quote from: IrishFutbol on March 26, 2014, 03:24:57 PM

Quote from: hilariousandco on March 26, 2014, 03:19:05 PM

Quote from: Cryptopher on March 26, 2014, 03:10:14 PM

Quote from: hilariousandco on March 26, 2014, 03:06:28 PM

Quote from: Crypto-t on March 26, 2014, 02:50:20 PM

On a positive note UK scraps VAT on crypto trades: http://www.bbc.co.uk/news/business-26426550

Capital gains tax still applies though.

What is capital gains these days? I heard that it was something around £10k PA, but how is it even trackable? Is it one of those where it only matters if you take the piss with your capital gains?

Not sure. Think it's more than that. It's not really trackable, but if you sell the Bitcoins though an exchange they can track you that way.

It'll be something that 99.9999% of the time, will go unnoticed. Though if you're part of the 0.0001% that gets picked up through an exchange or by buying something with BTC, it's not going to be fun explaining to the government that you forgot to pay taxes.

In the U.S. more people are caught for tax evasion due to a friend/family member/neighbor ratting them out than any other reason because they are living above their apparent means then the IRS triggers an audit after receiving a report/tip/complaint. They CAN come to your house and ask you to show a receipt for everything in it as part of an audit or even without an audit, it was actually pretty common pre computers for 'the revenue man' to stop by houses and businesses and do inspections, you can even see it being made fun of in older tv shows. I'm blanking on what show it was but on one black & white show

And while the 4th amendment does allow you to say 'nope' they'll just go get a warrant and come back.