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I’ve just bought a new Hoover, well it was a Shark actually but none the less - cheers for that Mr Musk lad :) When it hits £200 I’m going to sack my job off (I don’t need much to retire) and go windsurfing forever. 
 

To the moon on a kite surf 🌊🚀

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I thought magic beans had been rebranded as disruptive legume tech, so as to better demonstrate how they're causing us to totally rethink beans and the way they're used?

A similar growth over the next five years would see crypto being worth about 15% of all the investable money in the world. That ain’t going to happen.    I think BTC will be around long term, b

If I had a Bitcoin for every time someone tried to explain Bitcoins to me, I'd have a lot of Bitcoins and no idea what to do with them!

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12 minutes ago, Mr Roboto said:

Cumrocket?

Yep

Purchased £500 worth on a tip off just after it started to climb on 22/4 at 0.0044

Sold just over 24 hours later before the then peak at 0.0195, roughly £2,200

Reinvested the profit (£1,700) at 0.015 and sold again this morning at 0.054 (which is annoying, as has continued to climb since.)

Just shy of a ten fold increase on that plus the money I had in DOGE buy a shiny new motorbike

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Buying and selling doge is easy, I use binance.

CUMROCKET was a leap into the unknown for me as I couldn't find it on the usual exchanges.  Glad I made the effort though

 

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8 hours ago, trmpton said:

Just shy of a ten fold increase on that plus the money I had in DOGE buy a shiny new motorbike

Well done. Is this tax free ? 

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On 3/20/2021 at 7:01 PM, Aislinn said:

The ultimate honeypot! Designed by GCHQ to bankrupt all the criminals in the world in one fell swoop

Very little BTC is used for illegitimate purposes. The bad image was created by the media. Fiat currencies are still used a lot more for dodgy dealings. 

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1 hour ago, Apple said:

Well done. Is this tax free ? 

It counts as a capital gain, so in the UK tax would be due, but not on the IOM.  Crypto doesn't pay dividends or equivalent, so my understanding is that over here no tax is due.

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2 hours ago, Apple said:

Well done. Is this tax free ? 

 

45 minutes ago, TerryFuchwit said:

Why wouldn't it be?

 

35 minutes ago, wrighty said:

It counts as a capital gain, so in the UK tax would be due, but not on the IOM.  Crypto doesn't pay dividends or equivalent, so my understanding is that over here no tax is due.

Yes, but regular trading, buying and selling, would be a taxable activity for income tax

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1 hour ago, John Wright said:

 

 

Yes, but regular trading, buying and selling, would be a taxable activity for income tax

Surely only when you take it out into your bank?

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3 minutes ago, Albert Tatlock said:

Surely only when you take it out into your bank?

It’s no different to buying and selling houses. Depends on how frequently you do it.

If you do something once, never to be repeated again, it is unlikely that you would be treated as carrying on a trade. However if you keep doing it, it is more likely that you are trading. For instance, assume you sold your car which you had owned for four years. You then bought  another car and sold that one two years later. It is unlikely that Income Tax Division would consider that you  were trading in cars. If, however, you bought and sold cars every month, it is more likely that they will seek to tax the profits as trading income.
The most notable case in this area is Pickford v Quirke where a taxpayer purchased a mill with the object of using it for trading purposes. However it turned out that the mill was in a much worse state than they had imagined and the best thing the taxpayer could do was to strip all the items out of it and sell them piecemeal. He made a considerable profit doing this, so he did it again and again and again. As a result of the repeated number of transactions, it was held that the profits were taxable as trading income.

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2 minutes ago, John Wright said:

It’s no different to buying and selling houses. Depends on how frequently you do it.

Surely not.

I think it is different - the difference between cryptocurrency coins and houses is you have to convert those coins into real money before they become tangible - with the exception of using the coins for actual expenditure (where they are effectively realised to a comparable cash value).

Only when you realise a converted gain do you get taxed. For example traders are not taxed on every trade and your private pension is not taxed when your shares go up as you build up your pension...only when you realise the final value of the pension.

 

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12 minutes ago, Albert Tatlock said:

Surely not.

I think it is different - the difference between cryptocurrency coins and houses is you have to convert those coins into real money before they become tangible - with the exception of using the coins for actual expenditure (where they are effectively realised to a comparable cash value).

Only when you realise a converted gain do you get taxed. For example traders are not taxed on every trade and your private pension is not taxed when your shares go up as you build up your pension...only when you realise the final value of the pension.

 

I think this is correct.  We don't have capital gains tax here, but if those capital gains are being taken regularly as an income then it could be.  I was told by a financial advisor that I was allowed to take some money out of an investment plan without being taxed on it, as long as it was no more than twice in a year (or something like that - don't quote me on the exact number).  I pay income tax on share dividends, not on capital gains.

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8 minutes ago, wrighty said:

I think this is correct.  We don't have capital gains tax here, but if those capital gains are being taken regularly as an income then it could be.  I was told by a financial advisor that I was allowed to take some money out of an investment plan without being taxed on it, as long as it was no more than twice in a year (or something like that - don't quote me on the exact number).  I pay income tax on share dividends, not on capital gains.

But if you were buying and selling shares regularly and repeatedly that could be trading for tax purposes.

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