Do I need to declare these to OR ? -

JaneDoeJohnDoe

Going to go Bankrupt real soon, but want to make sure everything is correct, so
- how do I declare any money in PayPal account ? (print off maybe?)

- what about gift vouchers - are they considered to be "as cash" & have to be declared?

(also, as my friend asked -what about Bitcoins?)
Thanks.

HappyMJ

Gift vouchers cannot easily be converted to cash. They technically have no value so I wouldn't declare them. I'd spend them though as the retailer could go BR at any time and you lose everything.

Paypal...I would unless it's a trivial amount.

Bitcoins are not recognized as currency so no need to. Again I'd be converting them to cash as they have no real value.

CKhalvashi

Paypal would be declared as 'cash at bank'

Bitcoins too, as they're currency.

CK

Action_Jackson

I would withdraw any PayPal funds into my bank account. Use the money for living expenses.

I had my PayPal account frozen after BR, and they will hold onto funds for months.


My examiner's head started to spin when I mentioned PayPal - they were not interested.


Bitcoins? Good luck with explaining that one! Again, why not convert them to usable cash for living expenses? Having said that, I'm not sure how you convert BTC back to Pounds at the moment?


I got the impression the IS is a few years behind in their understanding of electronic money.


Good luck.

philnicandevan

Hmm the fun I had trying to explain a pre-paid visa card to my OR six years ago..