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If Satoshi really wanted to realise the value from his bitcoin holdings without being subject to a huge amount of tax he/she/they would ideally relocate to Germ
by celticninja 11y ago
If Satoshi really wanted to realise the value from his bitcoin holdings without being subject to a huge amount of tax he/she/they would ideally relocate to Germany where the tax office has said that if you hold them for over 1 year there is no capital gains tax (or equivalent) to pay.
That this guy was looking to move to the UK, where banks have been quite wary of bitcoin, (although the bank of england has not) is another strike against him being Satoshi. I would assume that anyone who was holding as much btc as we think satoshi has, and with this individual in particular in some sort of tax related issues, he would have been aware of german tax law and would seek to relocate there. Perhaps he was thinking of going from UK to Germany in time for 2020 when the Tulip fund would have been accessible.
- jlangenauer 11y agoYes, but under Australian capital gains tax law, moving the coins overseas is a "taxable event", and he'd have to pay the capital gains tax on the capital gain based on the value at the time he moved them.
- celticninja 11y agoThen don't move them. They can be moved physically without actually moving the coins or they could be moved without physically leaving the country. He could have moved to Germany before letting anyone know of their existence. If he was smart he would have admitted to owning some Bitcoin as a way of engaging with the ATO to discuss how they would generate a tax liability. If any tax liability was too honerous be could have kept some hidden until he was in a jurisdiction where the tax laws were more in line with what he had in mind. I guess the point being given that be is not satoshi nakamoto because if he was he would have been a lot more organised than it seems he has been.