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Taxation on trading BitCion

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

 

 

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avatar
10th Nov 2017 15:35

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.

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By stratty
10th Nov 2017 16:29

A google search on "HMRC Bitcoin" will give you the official position.

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avatar
15th Nov 2017 11:47

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

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avatar
15th Nov 2017 11:47

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

Thanks (0)
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