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GlasgowLondoner

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  1. Thanks. It is helpful to get a general idea at the start. Of course, I would get expert advice. In general, I think the most important thing is just to live your life and not get too much into overthinking the money. That is why I got into gold, because I reckoned you could just deposit and then forget about it for a decade or so. At the very worst, it will always be "gold".
  2. Yes, I do agree with that. Germany does not tax crypto gains after a year (for now anyway) and there is no requirement thus to mention them at all on a declaration (I know that much). The period I mentioned March 2016 to November 2020 is the only time I have been a UK tax resident since 1993. I just wanted some vague information, if anyone happened to know, about when it would be safe to become a UK tax resident again. In five years, six years, ten years... whatever.
  3. Thanks for the basic advice. I just wondered if buying in 2013 and not being a UK tax resident until 2016-17 might count for something to whittle down the six-year rule. I would not be able to stay anywhere else but in Germany because of Brexit. I have residence here (for now), but any other EU country would be out of the question after Brexit... [of course, if BTC were to explode in price, I would move to Monte Carlo forever!]
  4. Here is another tax question for anyone with time on their hands. I am running a few hypothetical scenarios, as I am happy to live abroad as I HODL (I have zero family ties in the UK and in that time I can gain new skills like a new language). The tax information online is confusing (and it mostly seems geared up to property, buy-to-let, believing the only asset people care about is a house). My basic situation is this: 2013 Bought all my crypto holdings when living in EU Lived in EU until 31.03.2016 31 March 2016 to 3 November 2020 UK resident Not in any hurry to cash out of my crypto anytime soon Can anyone point me to the best calculator or give me a suggestion of when, going by current legislation at least, I could safely sell my crypto (or just part of it) and then return to the UK? Obviously, I would employ a professional, but I am trying to form a general picture at this stage... The main reason is that even 20% CGT could be a pretty penny a few years from now...
  5. Again on the subject of tax... I happen to be currently in Germany, where there is no tax on crypto or gold if you have held it for over a year. Can you imagine? You do not even need to declare it. Although obviously you need to fill out a form explaining the sources of anything over EUR 10K. If I stay here until into October, I would be a tax resident for 2021-22. But I want to HODL my crypto and my gold profits would not attract much CGT in the UK anyway if I decided to cash out there. But it is tempting to think of next year, especially with being a 2013 buyer of crypto... The one thing is this: I have not explored it, but I believe you cannot just live in, say, Germany for a year and cash out there as a tax resident, then return to the UK in the next tax year with your untaxed loot... I think you can still be liable.
  6. Hi, I wonder if you could give me his contact details by PM. I will need to file a SA tax return for the current year in Scotland and will need help. I found some accountants myself, but I like your recommendation. Cheers if you can help.
  7. Thanks for all the replies. Regarding changing to another crypto (for example, I turned my miniscule XLM into ETH but had to go via BTC as there was no direct exchange on Kraken), how the hell do you qualify that in monetary (fiat) terms, if the taxable events is the date you exchange crypto for crypto? Because, so it seems to me, it is only a profit or less when fiat comes into play. I suppose you also get to subtract transfer costs?
  8. Can I ask a couple of questions on this subject of "cashing out"? 1. Say you sell your BTC on an exchange and keep it there for a while. What date do you tell HMRC when paying CGT? Is it the date you sold it into fiat or the date the fiat went into your bank account from the exchange? 2. Regarding bank accounts, do you inform your bank ahead of time you will have a big transaction coming? Obviously I get that they automatically enquire the origins of sums over £10K (or is it slightly lower?). But it is best to let them know ahead of time? And if so, where to inform: their call centre or in your branch? Thanks in advance for any advice/experiences.
  9. I would be interested to know what are people's experiences when they start raising the matter at the bank that they will probably have an incoming transfer from an exchange of .... um ... £250K? Because I imagine a lot of BTC stashers are the quiet geek types or the tight-fisted non-spenders who have not been having much business in the bank in the way of "BTL empires" or IO mortgages... What do the banks say? I remember when I even mentioned transferring from a gold bullion account to Lloyds, the manager (a grown man) virtually ran away from me in horror, like I was some form of satanist.
  10. In Germany, you only pay tax on gold profits if held for less than a year. Can't recall about cryptocurrency. With property, you pay CGT on profits if held for less than ten years.
  11. He! No, but I can vaguely recall being pushed alternative current accounts with "benefits" like cinema tickets and smartphones. I hate the cinema, watch all films online and am quite happy with my cheap Nokia bought in 2011.
  12. Thanks for the advice, it is helpful. To be honest, I find dealing with the banks where you would want to deposit something like £10K harder. I know they have to comply with all the KYC/AML stuff, but the local branch is so behind the times, it is like I have opened my mouth and started talking in Pictish to them...
  13. I bought the bitcoin basically all in the one month, though obviously at different stages. However, I did buy first some Litcoin (then changed it to BTC). I also got Bitcoin Cash, which I later sold for BTC... So that is rather a nightmare. Although I know basically what I began with (in terms of fiat). Fortunately, I did all the transactions on Kraken exchange. I know you can export your transaction history (although it always looks to me like something you could just type out yourself on a spreadsheet).
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