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Douvan

HMRC

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Did anyone get the emails to say the HMRC are coming lol

 

I got a few from Coinbase with regards to transactions between certain dates relative to crypto I was holding and the amount of fiat I’d withdrawn. 
 

We’ll wait and see what happens. 

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when you switch from crypto back to fiat  you create a capital gain or loss .   

I assume these are genuine emails from Coinbase and not scammers.

I would also assume that as part of their licencing  as with others they are duty bound to report transactions to Revenue

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An example is that  case of that soldier who lost a couple of million betting Etherum which he bought very cheaply  he also now has a massive tax liability as he solidified his gains but I have not seen anything about him being chased yet.

It may take time but as with all things the Inland revenue will be in no great rush but they will get what they are owed in time. 

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Posted (edited)
59 minutes ago, philinvicta said:

An example is that  case of that soldier who lost a couple of million betting Etherum which he bought very cheaply  he also now has a massive tax liability as he solidified his gains but I have not seen anything about him being chased yet.

It may take time but as with all things the Inland revenue will be in no great rush but they will get what they are owed in time. 

I’ve always worried that making money or winning money through these cryptocurrencies was going to attract the taxman, coin base made it clear that HMRC required information on its UK dealings. The tax man is going to be relentless after this pandemic, he will take the pennies off a dead mans 👀 

Edited by Blacko

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7 minutes ago, Blacko said:

I’ve always worried that making money or winning money through these cryptocurrencies was going to attract the taxman, coin base made it clear that HMRC required information on its UK dealings. The tax man is going to be relentless after this pandemic, he will take the pennies off a dead mans 👀 

If you are a relatively small player you should be ok with the capital gains allowance each year which is currently 12300  but you still need to report any gains even if no tax is due or you can end up with a fine .

If you are a long term holder and have some very large Capital gains  then it is best to dispose over a period of time to avoid tax rather than all in one go.

the other thing they will be looking for is where you got the funds to invest 

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