Hello
Please can someone help me with regard to the taxation related to the trading of BitCoin.
1 - If an individual holds BitCion, which has gone up in value and subsequently transfered it to Sterling, is there any income tax/CGT to pay?
2 - If an individual has actively traded BitCion, which has gone up in value and subsequently transfered it to Sterling, is there any income tax/CGT to pay?
3 - If there is any tax to pay, at what point should the income/gain be recognised?
Thanks for your help
Replies (4)
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No idea about BitCion but questions about BitCoin appear regularly (and indeed as recently as yesterday) for those who wish to use the search facility provided.
HI--I am awaiting confirmation, but an inspector I spoke to, suggested CGT will be due on sale of bitcoin when its translated to Stirling.
If its "trading", however you interpret that, it could be different.
Hope that's a help
Cheers
HI--I am awaiting confirmation, but an inspector I spoke to, suggested CGT will be due on sale of bitcoin when its translated to Stirling.
If its "trading", however you interpret that, it could be different.
Hope that's a help
Cheers