Interesting post.
The Tax Planning Angle
- Gifts to Spouse / Civil Partner
So if my wife gave me three bitcoins, as a gift last summer, and she bought them for let's say GBP 4332. If I want to sell them now there will be no taxes, because my Bitcoins with the current price of around GBP 23835 in total will be calculated as GBP 4332 and not GBP 23835. Gains are not included in taxation. Am I I right?
In that case, I could gift my low value coins to my wife, to amount of GBP 11,300 and she can do the same. And after holding it for two years just sell it and avoid taxes no matter if the value of those coins exceeds let's say GBP 10.000.000 in total.
Of course, there is a risk of holding it, but with this upward trend in crypto, this method is very good for avoiding taxation, in case of holding the coins.