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It seems to suggest that buying bitcoin based on speculation is considered gambling and thus GCT isn't applicable (nor is offsetting your losses against other t
by highace 9y ago
It seems to suggest that buying bitcoin based on speculation is considered gambling and thus GCT isn't applicable (nor is offsetting your losses against other taxable income).
- fauigerzigerk 9y agoI doubt that. Not all speculation is gambling. They say: "Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for CGT if they accrue to an individual [...]" But also: "depending on the facts, a transaction may be so highly speculative that it is not taxable or any losses relievable" In my opinion, this means that gains from regular buying and selling of bitcoin are very likely subject to CGT, and that there would have to be an additional element of risk or chance to make it more speculative in order to be exempt from CGT. I wouldn't want to defend any other position and therefore I will be including my bitcoin gains (and potentially losses) in my CGT tax return.
- hndamien 9y agoI think it means normal people pay CGT, rich people don’t need to.
- fauigerzigerk 9y agoNormal people, as in average earners, are unlikely to pay any tax at all. They tend to use spread betting or stay below their £11,300 CGT allowance.