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In the UK, it is only a taxable event when the coin is exchanged to a "readily convertible asset", i.e. Bitcoin, Mainnet ETH.
by robinduckett 4y ago
In the UK, it is only a taxable event when the coin is exchanged to a "readily convertible asset", i.e. Bitcoin, Mainnet ETH.
- cmsd2 4y agoI don’t know where you got this advice from but this is precisely wrong from my reading of the rules. An asset exchange between two non legal tender assets is treated exactly the same as any other disposal and acquisition and absolutely is a chargeable event.
- leereeves 4y agoTether isn't readily convertible?
- cma 4y agoNot if we dont even know what it is backed by, readily convertible one minute, can't dump it for $.01 the next once it happens.
- cmsd2 4y agoPlease tell me this is a joke. The fact tether trades readily on an exchange is a major factor for it being convertible, even if at a price you don’t like.
- toss1 4y ago>>tether trades readily on an exchange is a major factor for it being convertible ... for now We've seen lots of the crypto exchanges fail to make exchanges for hours to days when things get hot Official stock exchanges have a standard practice of halting trading in stocks when unusual events happen. Sometimes this cools the market and things get back to normal, sometimes the thing has gone to zero when If Tether crashes to $0.01, I'd be a bit surprised if it didn't stop being convertible for a significant time.
- grey-area 4y agoAll currencies are readily convertible assets by definition.