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- 1 Jul 2012
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- 339
So lets say that mining whatever popular most profitable digital currency let you do that as an occupation would you have to pay tax on it?
Taxing digital currency...
- Thread starter wire-screw
- Start date
If the monies are created and held overseas or internationally then I suppose not. However, if you transfer it to GBP into your UK current account I would assume Mr taxman would become interested and you'd become liable for some kind of cut.
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People have been getting paid into offshore bank accounts to avoid tax for years, notably international corps where the money is already held offshore. Technically, bitcoin isn't much different in that respect.
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I'm sure the Tory's are working on a tax system for this. God forbid poor people make money and don't get taxed !
actual poor people don't tend to get taxed as far as income or capital gains are concerned...
Deleted member 66701
Deleted member 66701
I'm sure the Tory's are working on a tax system for this. God forbid poor people make money and don't get taxed !
Since when do poor people mine crypto currencies? Don't see many poor people with 7990's
UK tax system currently treats cryto currencies as stocks and profit is taxed accordingly (59%'ish)
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in before person making 50k a year claims he's poor....
I'm sure if lots of poor people started making money out of bit coins, the government would implement some form of taxation. Don't be so naïve.
Let me define poor. Not wealthy.
Since when do poor people mine crypto currencies? Don't see many poor people with 7990's
I'm poor, but I get by ok.
I'll be updating my rig next year from the one in the sig.I'm sure if lots of poor people started making money out of bit coins, the government would implement some form of taxation. Don't be so naïve.
Let me define poor. Not wealthy.
The govt already has forms of taxation... they've been around for a while and potentially affect everyone... if you're so poor that you're below the threshold then its pretty much irrelevant... if you're above the threshold then whats the issue - why should bitcoins get a special exemption?
While tax dodging is being slated in the press these days, despite lots of MP and other government workers (past and present) are doing exactly that, I would have thought we would have seen more robust measures to get these people to pay their taxes - but no, it's all rhetoric as you might expect. Why would the Tory government really take any notable action afterall they made tax cuts for the top earners during the worst recession in living memory. As far as taxing income on bit coin, they probably would let it slide if it's in the interests of top earners.... like bankers....
We all know that the people who run this country are screwing the working classes and if they could tax earnings on bit coins then they would do it and leave a loop hole for the mega rich to circumvent such trivialities.... Bit coin is a wonderful idea and I welcome it, the governments around the world are gonna worried by this sort of stuff because of the 'anonymous trade' sites such as SR2 and the 'Sheep one' (now defunct) and BMR (also gone but claims to be coming back shortly) selling drugs and guns, also, the millions of potentially taxable transaction taking place. I can see how unless they can muscle in on the action (which they most likely are) they will want to blow it all out of the water (which is what they might be doing right now with all the shenanigans going on right now).
Regards
We all know that the people who run this country are screwing the working classes and if they could tax earnings on bit coins then they would do it and leave a loop hole for the mega rich to circumvent such trivialities.... Bit coin is a wonderful idea and I welcome it, the governments around the world are gonna worried by this sort of stuff because of the 'anonymous trade' sites such as SR2 and the 'Sheep one' (now defunct) and BMR (also gone but claims to be coming back shortly) selling drugs and guns, also, the millions of potentially taxable transaction taking place. I can see how unless they can muscle in on the action (which they most likely are) they will want to blow it all out of the water (which is what they might be doing right now with all the shenanigans going on right now).
Regards
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Since when do poor people mine crypto currencies? Don't see many poor people with 7990's
UK tax system currently treats cryto currencies as stocks and profit is taxed accordingly (59%'ish)
Aren't dividends taxed at 10%?
Slightly off topic but it would be much better if the tax you pay goes into your own 'side pot' that is used by the government but also allows you to fall back on in times of need
Mr benefits on the other hand has a negative side pot which he would need to pay back when getting a good job, winning lottery etc.
I think digital currently will be taxed eventually but then there will be not much gain over regular currently so will not be used
Mr benefits on the other hand has a negative side pot which he would need to pay back when getting a good job, winning lottery etc.
I think digital currently will be taxed eventually but then there will be not much gain over regular currently so will not be used
The laws for taxing digital currencies are already in place. The only issue is one of enforcement - it is easy to carry out ILLEGAL TAX EVASION, especially on smaller amounts.
Of course, all these people who cry about legal tax avoidance seem to have no issue with illegally evading taxation on their bitcoin profits. Funny that.
Of course, all these people who cry about legal tax avoidance seem to have no issue with illegally evading taxation on their bitcoin profits. Funny that.