Crypto - BTC & Alts

enjoyyourshoes

Its your money to do as you see fit, as long as your not 'sub priming' the investment and that you can afford to loose the investment, then all is good.

Type_45

enjoyyourshoes said:

Its your money to do as you see fit, as long as your not 'sub priming' the investment and that you can afford to loose the investment, then all is good.

And what do you invest in, sir?

Scottex99

The email I saw is a 3k limit I think. But yeah no CGT if you have just bought and hold, and you have no profit right now anyway. Interested to see how the whole HMRC/Crypto thing plays out

silvercue

Type_45 said:

I got an email from Coinbase yesterday saying they'd passed my details to HMRC as I was above the £5k limit.

I have not withdrawn/made any money, and my trades have not been to the £49k level, so I guess I just do nothing.


I'm tempted to phone HMRC and ask them?

If you have not made 12.3k profit (taking trade fees into account) then you don't need to do anything.  I had a call with HMRC this year about this and they confirmed.   

However, you should keep a record.   If you buy and sell crypto, tax can soon get complicated.  So at least keep a record of what/when you buy at what cost and what/when you sell.  Eventually it may be useful information, especially if you are holding coins over periods longer than tax years.

I don't use Coinbase, but if you are earning money on your holdings there, then that can be classed as income and due for income tax.  However, you said you haven't made profit, so I don't think you have any concern there either. 

Type_45

Scottex99 said:

The email I saw is a 3k limit I think. But yeah no CGT if you have just bought and hold, and you have no profit right now anyway. Interested to see how the whole HMRC/Crypto thing plays out

What do you make of the claims that XRP will be "bought back" from retail holders as it will be used by the international system?

I hold XRP, but I find such claims hard to believe at the moment.  Surely they'd be buying it up right now...

Type_45

silvercue said:

Type_45 said:

I got an email from Coinbase yesterday saying they'd passed my details to HMRC as I was above the £5k limit.

I have not withdrawn/made any money, and my trades have not been to the £49k level, so I guess I just do nothing.


I'm tempted to phone HMRC and ask them?

If you have not made 12.3k profit (taking trade fees into account) then you don't need to do anything.  I had a call with HMRC this year about this and they confirmed.   

However, you should keep a record.   If you buy and sell crypto, tax can soon get complicated.  So at least keep a record of what/when you buy at what cost and what/when you sell.  Eventually it may be useful information, especially if you are holding coins over periods longer than tax years.

I don't use Coinbase, but if you are earning money on your holdings there, then that can be classed as income and due for income tax.  However, you said you haven't made profit, so I don't think you have any concern there either. 

Thank you for that.  Yes, I have kept all my records.  And on Coinbase you can download details trading history also.

I am in no danger of making a profit!   

Malthusian

silvercue said:

NFTs will start to have utility.  They can tie in certain benefits to the owner.  I will be taking ownership of an NFT soon that grants me an additional 5% rewards from some crypto passive income.  I own no other NFTs, this is just a small example of some utility that can have real value as well.   

Only in ways that can already be done. What you're describing is effectively a hybrid of a crypto token (or an old-fashioned fixed interest security) and an NFT. The debt-security element of the NFT is fungible as it works the same as every other 5% debt security bolted onto NFTs issued by the borrower.

If everyone is buying the borrower's NFTs because they pay 5% income and not for the clip art attached to it, the "non-fungible" element becomes a waste of energy.

It would be like Barclays hiring an artist to draw a unique doodle on every debt certificate that they issue.

silvercue

Malthusian said:

If everyone is buying the borrower's NFTs because they pay 5% income and not for the clip art attached to it, the "non-fungible" element becomes a waste of energy.

You could argue it already is!       My point is simply that NFTs will have more utility - even if that is bolted on.  

Scottex99

Type_45 said:

Scottex99 said:

The email I saw is a 3k limit I think. But yeah no CGT if you have just bought and hold, and you have no profit right now anyway. Interested to see how the whole HMRC/Crypto thing plays out

What do you make of the claims that XRP will be "bought back" from retail holders as it will be used by the international system?

I hold XRP, but I find such claims hard to believe at the moment.  Surely they'd be buying it up right now...

For me it’s nonsense.

They minted 100Bn tokens, kept a stupidly high percentage of them and just dumped them on retail forever. 

I’m more and more believing that some of the 2017 bull run coins will never come back to being relative, or won’t pump in value anyway.

Nobody mentions DASH or ETC anymore. I think XRP, BCH, LTC maybe even ADA will all go the same way.

That being said if they “win” the court case and it gets re-listed in a few places then maybe just by network effect it’ll go up for a while. I’ve got some but a very small bag

Zola.

"The 5k limit" ?

Do you have everything sitting on the exchange?