I am not, never have been and never will be a financial adviser. But I do have a reasonable bank at no net cost so must be doing something right.
You see this is why you rub people up the wrong way. A post obviously made in jest gets a personal insult back. Might I suggest you leave this thread to the people interested in using it as an information and discussion resource and take yourself back to the politics section where I can ignore you.
Clive is a masterclass troll. I take my hat off to him because the facade rarely slips and it must be very hard work. I wonder what the actual person behind the character is really like and whether there is anything of Clive in his real personality.
I can see the poster ‘Sacha Baron Cohen is CLIVE OF THE KREMLIN....this years summer blockbuster! Also starring Jeremy Corbyn as the fiddler on the roof!’
Ha! I suggest that a quick read back will clearly show where the personal insults began with a comment that taking my advice is like Hannibal Lector. Of course it was in jest and so was the obvious riposte - to which you'd left yourself wide open. Then you floated the conversational ball gently up in the air towards your own penalty spot with the comment about you not being a financial adviser and expect me not to smash it into the open net... I'm surprised that you've chosen to get all eggy about it and can only suppose that, in common with so many others, money is no laughing matter for you. It has to be treated with a sacred and dignified respect. Don't make fun of the money! Finally, although this thread is dominated with speculators speculations and earnest pencil chewing whilst poring over the crypto equivalent of The Sporting Life, I didn't notice any sign that prohibited those of us who retain some sort of perspective about life and the world around us from appealing to their fellow man to get a bloody grip of themselves. Take a step back and look at what you're doing. If you want to silence me, well you're the boss man. I'm used to being shut up.
To be fair this thread was moved to the 'Yellow Pages' section. Section for members to advertise their business or ask the many experts on here for advice about stuff. I appreciate this thread was in the general section and got moved. If you really have concerns and want to talk about societal issues related with block-chain technology I'd make a new thread in politics or general. IMO.
Binance are adding USD/Alt pairings, which is potentially a huge thing for crypto. Instead of alts being tied to the value of ETH/BTC, they'll be tied to USD, which means they won't crash every time BTC or ETH does. Bloody fantastic.
The internet is used to perpetrate child porn, should we ban the internet? Clive, for someone who is supposedly a free and independent thinker, you are very easily manipulated by a sensationalist, corporate run media system.
When you do cash out particularly if you need the money, presumably you mustn't forget to inform HMRC so you have to make provision for losing a chunk of your return to them?
If you look like realising gains from this sort of trading then you really should get a bit of specialist tax advice. The situation is not clear. In essence... If the trading is not the main source of income HMRC do not necessarily treat it as taxable, as it could be construed as "betting" rather than "trading". Remember, most people lose on the currency exchanges. So think about it.... if HMRC treated it all as taxable, then more people would be able to claim tax rebates on the losses, than pay tax on the gains and HMRC could lose out as a whole. I'll say no more.
You mention something most people don't really clock onto. Most think the government don't tax betting wins as a favour! Did you work that out or did someone tell you?
I trade currency myself, and I do some work for HMRC so I know some of their methods. But that really was a brief summary above, currency trading CAN be taxable. Advice is required!
Iirc Betting wins were taxable but the offshore companies were putting UK based companies out of bussiness by being able to offer better odds. HMRC realised they made more by having UK companies paying tax on proffit and employing people who paid income tax, than collecting a small amount on wins. It's actually a good argument for lower corp tax across thd board, but one for the politics section probably.
The reason gambling wins are not taxed, from Forbes: And the reason for the decision not to tax is also quite simple: there wouldn't be any tax revenue. Indeed, there would be a revenue loss. The point about betting of all types, including this spread betting, is that the winnings of some people are, and must be, entirely offset by the losses of others. Yes, certainly, there are companies in the middle who organise things and they are taxed on their earnings and profits in the usual manner. But the winnings of some punters come from the losses of others. It's also a pretty standard part of the UK taxation system that if there is going to be tax charged on the income or profits of something then there will also be an equal allowance against losses on doing that same thing. For example, Gordon Brown changed the law on a company selling a subsidiary: no longer would corporation tax be changed on any profits from doing so. But so also a company could not claim a tax credit for a loss from doing so. So, if we introduced a tax on betting winnings we would also need to have a system of credits or allowances for betting losses. And here's the problem with that idea: betting is a less than zero sum game. The winnings of any person or group of people are obviously the losses of all other people betting. So tax charged would be equal to tax credits gained. But it's worse than that as the bookies are also getting their slice in the middle. Meaning that total winnings are less than total losses. So our credits and allowances for losses would be higher than any revenue gained from the winners. And that's why we don't tax the winnings from spread betting. Because to do so would lead to revenue losses, not gains.
Ive spoken to them about this in person and they are treating it on a case by case basis. If your main income is from alternative means and you speculating on cryptos rather than trading then you will probably be able to avoid CGT. Best to ring up HMRC and ask them in person, that way you wont have to pay an accountant to tell you something that is readily available for free.
But you said you had already. So based on their advice, are you clear as to whether you would file it as a tax gain, in a tax return.
I spoke to them about a hypothetical situation that I hope transpires. Currently I don’t them owe them anything as I haven’t converted any of my crypto investments into FIAT. Who knows what the future will bring .
Oh right. I assumed that as you suggested that readers should ignore my suggestion, and listen to yours instead which effectively tells everyone to listen to a call centre employee (who will likely be in one the two lowest pay-grades in the HMRC), then you must have some actual experience in the matter. My mistake.
No, I'm not. I am currently working at the HMRC and I know 100% that their call centres are not the place to get potentially complicated tax advice. I was merely offering a bit of friendly help as this environment is where I have worked in for about 20 years. No need to be so cynical.
Ok, well I’ll carry on getting my tax advice from the HMRC rather than some bloke on a football forum . I have to say I can now see why so many people on this forum take objection to you. However , ZZ Top are one of my favourite bands so I’m sure there are plenty of things we agree on as well.
For heavens sake, I wasn't giving advice, it was completely the opposite, I was suggesting people seek it. Strange you think people would find that so objectionable.
When you talk in a derogative manner about people who are " in one of the two lowest pay-grades in the HMRC " does that mean you have been recently promoted to the 3rd lowest pay grade in the HMRC, and now feel flushed with the heady arrogance that only limitless success can inspire ?
There is nothing derogative about saying that the lowest grades in the HMRC do not give complicated tax advice over the phone. That is not what they do. I was just trying to help, I really don't know why you are having a go - but if it makes you feel better , carry on.
He doesn't like ZZ Top. Weird, I know. I shall change my name to Guns 'n' Roses cos i hate axel rose.
Disagree that is the reason. They could get round it by only allowing losses to be offsettable against future gambling wins. That would give them a net gain. Schedule Punt income tax if you will. The reason they did it was because the punters’ losses are the basis for calculating betting duty gains. Hence they tax punters losses in the hands of the bookmakers.
This is huge. https://www.cnbc.com/2018/04/06/soros-fund-reportedly-preparing-to-trade-cryptocurrencies.html
