Quote from: Zebedee23 on October 19, 2017, 05:07:29 PM

Quote from: chrisrov on October 19, 2017, 03:59:54 PM

Sounds interesting.

Just to clarify - If I am a UK resident and I buy the wine with BTC and it remains in the bonded warehouse and then I choose to sell it for GBP at a later date there is no capital gains tax or income tax to pay on the profit?

Can I move the wine to another bonded warehouse in a different country?

presumably yr still liable for capital gains on any BTC/Altcoin gains that u may have made with the coins used to buy the wine!?

I think that is debatable - I just had a look how HMRC deal with bitcoin and the interesting thing is this
"If a transaction is considered speculative, it may not be liable to tax at all."

https://www.taxation.co.uk/Articles/2015/03/10/332784/cryptic-currency

Considering you are speculating on the fine wine then the answer appears to be no you are not liable.
Otherwise, if it is not speculative then you are liable for capital gains.

chrisrov

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