Cryptocurrency Assets and Tax

eskbanker

buildingbee said:

eskbanker said:

buildingbee said:

Unfortunately this is HMRC and they have been given too much powers  IMHO.

Can't see it myself - they've always had the power to impose fines for anyone failing to declare income or gains that generate tax liabilities (and crypto gains have already been declarable for CGT purposes for many years, once above thresholds), and will now be provided with some transactional data to help identify if/when that's happening, including exchanging such data with all the 53 other signatory countries....

The issue I have with HMRC is that they tend to go for the easy targets and not the multi-billionaires.

They'd no doubt claim to do both but that's nothing to do with what powers they've been given, it's a separate point about how viable it is to enforce them, and obviously those with deeper pockets can afford professional advice about (legal) tax avoidance methods, over and above those available to the rest of us, such as shelters like ISAs and pensions.  However, any whataboutery by smaller offenders is ultimately irrelevant....

buildingbee

SVaz said:

You haven’t made a loss until you actually Sell at a loss.   It could just as easily double/triple/quadruple while you hold it or it could drop further - which is all completely irrelevant until you come to sell. 

Ahh okay that's understandable.  I plan to sell it as soon as I'm close to break-even.