The Bubbly Bitcoin Thread -- Merged Threads

[longgone]

5 hours ago, markyh said:

The problem with that is, the mental maths is easy, when Bitcoin hits £500k they will stop you and say, "are you that guy would could have been a millionaire now? but sold a few years ago for only £100k?"

"I would have held."  (All nocoiner experts are white knuckle hodlers, except longgone, he would have sold @ $5k btc). 

😂

nah bud i would have bought 1000 in 2010 and still hold 900 after selling 100 at 58k 

[MonsieurCopperCrutch]

[MonsieurCopperCrutch]

Whoever was sitting on the sidelines waiting for discounted Bitcoin I hope you all managed to buy the dip. Looks like normal Bitcoin NgU service is set to resume. 

Edited March 2, 2021 by MonsieurCopperCrutch

[MonsieurCopperCrutch]

$50k

[MonsieurCopperCrutch]

My fren@Buffer Bearsurvived?

[BufferBear Bitcoin Bull]

16 minutes ago, MonsieurCopperCrutch said:

My fren@Buffer Bearsurvived?

😂  Literally, just popped on and seen this.  Been under the cosh with work etc so only been here for a few mins.  Will be back tomorrow to catch up.  Hope there are loads of quality posts.  Did I survive?   Course I did!  Did I buy?  I was very fortunate to be able to do so. 😄

[BufferBear Bitcoin Bull]

 

 

[BufferBear Bitcoin Bull]

 

 

 

Edited March 2, 2021 by Buffer Bear

[BufferBear Bitcoin Bull]

 

 

[BufferBear Bitcoin Bull]

 

 

Edited March 2, 2021 by Buffer Bear

[BufferBear Bitcoin Bull]

 

 

[BufferBear Bitcoin Bull]

 

 

[BufferBear Bitcoin Bull]

 

 

[dugsbody]

4 hours ago, Buffer Bear said:

 

 

So now we believe in charts?

[markyh]

55 minutes ago, dugsbody said:

So now we believe in charts?

Ones than show a long term bull run up, up, up, yes.

[RodCrosby]

21 hours ago, markyh said:

You would have to stay in Germany 4-6 years after cashing out before returning to the UK, to not have HMRC class you as a UK tax resident. And onlt limited visits to the uk in that time. 

RDR3: Statutory Residence Test (SRT) notes - GOV.UK (www.gov.uk)

It's very complicated, but doable, i plan to employ an accountant to explain the rules in plain english to me if / when needed. 

 

 

Some help here:-

https://www.rossmartin.co.uk/overseas-residence/2294-statutory-residence-test-srt-toolkit

and

https://office-watch.com/2018/uk-residency-statutory-test-srt-excel/

 

[MonsieurCopperCrutch]

8 hours ago, Buffer Bear said:

 

 

 

Wonderful. 👍

Edited March 2, 2021 by MonsieurCopperCrutch

[MonsieurCopperCrutch]

3 hours ago, dugsbody said:

So now we believe in charts?

It's a stock to flow chart. Not some random tea-leaf garbage. 

Edited March 2, 2021 by MonsieurCopperCrutch

[markyh]

44 minutes ago, RodCrosby said:

Some help here:-

https://www.rossmartin.co.uk/overseas-residence/2294-statutory-residence-test-srt-toolkit

and

https://office-watch.com/2018/uk-residency-statutory-test-srt-excel/

 

Still tricky if you want to spend more than 15 days a year in the UK.  So say you leave the UK smack bang on the end of the tax year, 5th April 2022 for Portugal, rental house pre arranged for say 6 months.  You are now in portugal "residing" for the start of the new tax UK year 6th April 2022

After 16 days you are (21st April you are classed as a non UK tax resident).  After 6 months  (184 days , 6th October 2022 ) you are now a portuguse tax resident. You now sell All your crypto to reset, and buy back immediately (0% CGT so bed and breakfast rules dont matter, either way 0% will be due) , less your big UK CGT bill (say £400k for example purposes)

Now week look at Box "B" for "family ties" , this is the tricky bit.  

For the next few years spend less that 16 days in the UK and family ties rules dont apply, you are still a non resident. This is the easy to figure out, but tough route. 

Now family ties points

Have Family living in the UK Yes - 1 point

Have accomodation in the UK and spend 1 night there - 1 point (Assume yes if staying 16 days or more in UK, could be 0 though ***)

Do 40 days of work in the tax year - No , 0 points, you are on crypto cash out holiday not working in uk 2022/23.

Present in the UK for over 90 days in 2020/21 and 2021/22 - Yes 1 point

Present in the UK 2020/21, 2021/22 more than any other country - Yes 1 point. 

Soooo, We have 4 points , but a possible 3 if staying in the UK longer than 15 days you dont stay at your home overnight. 

Stay over 16 days to 45 days and 4 points, Fooked  Still classed as a UK resident got CGT. so a no no. 

But.......... stay 16-45 days, and dont stay overnight at home, so stay in a B&B, Hotel , with friends, then you only have 3 points for family ties, and under 45 days in the UK means you are still a non resident. 

Now this only applies to the fist 3 years, because in your 4th year in Portugal , suddenly family ties points drop off a cliff. 

Present in the UK for 2022/23 , 23/24, 24/25 for more than 90 days . No 0 points 

Present in the UK more than any other country - No, 0 points .  

So for your 4th year , 2025/26 , you only have 1 or 2 family ties points , 2 if you stay at home for cost, lets assume you do. So..........  

You can now spend up to 90 days in the UK with 2 ties points, and still be a non resident for CGT , and you can also spend 91 days to 120 days in the UK with 1 family tie point, spend those nights in a B&B , Hotel, Friends, and also still be classed as a non UK tax resident. 

Not 100% sure how long you need to be out of the uk for before you return not to have to give that CGT tax back to HMRC, but if its 4 years you can return full time after 6th April 2026 , 5 years , after 6th April 2027, 6 years, after 6th April 2028. 

Still would have to get this agreed rubber stamped by UK and Portuguese accountants. 

 

Any thoughts? 

[goldbug9999]

10 hours ago, MonsieurCopperCrutch said:

$50k

But but @longgonetold me it December 2017 all over again so I panic sold everything

[longgone]

21 minutes ago, goldbug9999 said:

But but @longgonetold me it December 2017 all over again so I panic sold everything

48k too much 

[longgone]

28 minutes ago, goldbug9999 said:

But but @longgonetold me it December 2017 all over again so I panic sold everything

Had you sold out for 20k in dec 2017 you could have had 5x as much BTCfor no extra money  for a couple of clicks. 

But But But we will keep quiet about that fact. 

2017 was the time to sell no doubt about it. 

 

[markyh]

3 minutes ago, longgone said:

Had you sold out for 20k in dec 2017 you could have had 5x as much BTCfor no extra money  for a couple of clicks. 

But But But we will keep quiet about that fact. 

2017 was the time to sell no doubt about it. 

 

I take it you dont think $58k is the current market cycle 4 year top yet? 

[longgone]

3 minutes ago, markyh said:

I take it you dont think $58k is the current market cycle 4 year top yet? 

whether i do or not it does not make a difference. 

for most people it is un investable now.  what is the point of dropping thousands into something that may rise 20% or fall 50% 

Jilted made the right move 

[RodCrosby]

2 hours ago, markyh said:

Still tricky if you want to spend more than 15 days a year in the UK.  So say you leave the UK smack bang on the end of the tax year, 5th April 2022 for Portugal, rental house pre arranged for say 6 months.  You are now in portugal "residing" for the start of the new tax UK year 6th April 2022

After 16 days you are (21st April you are classed as a non UK tax resident).  After 6 months  (184 days , 6th October 2022 ) you are now a portuguse tax resident. You now sell All your crypto to reset, and buy back immediately (0% CGT so bed and breakfast rules dont matter, either way 0% will be due) , less your big UK CGT bill (say £400k for example purposes)

Now week look at Box "B" for "family ties" , this is the tricky bit.  

For the next few years spend less that 16 days in the UK and family ties rules dont apply, you are still a non resident. This is the easy to figure out, but tough route. 

Now family ties points

Have Family living in the UK Yes - 1 point

Have accomodation in the UK and spend 1 night there - 1 point (Assume yes if staying 16 days or more in UK, could be 0 though ***)

Do 40 days of work in the tax year - No , 0 points, you are on crypto cash out holiday not working in uk 2022/23.

Present in the UK for over 90 days in 2020/21 and 2021/22 - Yes 1 point

Present in the UK 2020/21, 2021/22 more than any other country - Yes 1 point. 

Soooo, We have 4 points , but a possible 3 if staying in the UK longer than 15 days you dont stay at your home overnight. 

Stay over 16 days to 45 days and 4 points, Fooked  Still classed as a UK resident got CGT. so a no no. 

But.......... stay 16-45 days, and dont stay overnight at home, so stay in a B&B, Hotel , with friends, then you only have 3 points for family ties, and under 45 days in the UK means you are still a non resident. 

Now this only applies to the fist 3 years, because in your 4th year in Portugal , suddenly family ties points drop off a cliff. 

Present in the UK for 2022/23 , 23/24, 24/25 for more than 90 days . No 0 points 

Present in the UK more than any other country - No, 0 points .  

So for your 4th year , 2025/26 , you only have 1 or 2 family ties points , 2 if you stay at home for cost, lets assume you do. So..........  

You can now spend up to 90 days in the UK with 2 ties points, and still be a non resident for CGT , and you can also spend 91 days to 120 days in the UK with 1 family tie point, spend those nights in a B&B , Hotel, Friends, and also still be classed as a non UK tax resident. 

Not 100% sure how long you need to be out of the uk for before you return not to have to give that CGT tax back to HMRC, but if its 4 years you can return full time after 6th April 2026 , 5 years , after 6th April 2027, 6 years, after 6th April 2028. 

Still would have to get this agreed rubber stamped by UK and Portuguese accountants. 

 

Any thoughts? 

• Is your dependent family UK resident?
  +1 (but you could all just emigrate for a new crypto-life, I suppose)
• Do you have available accommodation in the UK and you stayed there at least one night in the tax year?
  maybe 0 if, despite having a UK home, you stay with parents/siblings/mates/hotels [needs checking] Consider a motorhome?
• Did you carry out at least 40 days of work in the UK in the tax year?
   0 in this case
• Were you present in the UK for more than 90 days in either or both of the previous two tax years?
   +1 [until the third year after leaving]
• Were you present in the UK more than any other country?
   0 in this case [I think they are referring to the current year in question. You would presumably not be spending much time back in the UK after leaving - the whole point!]
  
  
  So maybe only two or three ties for the first three years. Best case scenario [with 2 points], you could spend up to 90 days in UK, otherwise 45.

After three years it looks like 120 days [with 2 points]*

Although by then with possibly only one tie (family) it could rise to 182 days.*

 

* though these would bring the ">90 days in either of the previous two years" back into play, the following year. Complex!

Edited March 2, 2021 by RodCrosby