Ryleigh said:
@Dax
If you earn less than £50,000, it’s 18% more than that it’s 24%
That’s not entirely accurate You also need to consider your income when calculating capital gains Tax rises can hit you harder if you’re already a higher rate taxpayer.
@Kiernan
That £50,000 is about income earnings I’m referring to.
Ryleigh said:
@Kiernan
That £50,000 is about income earnings I’m referring to.
My bad I misread and thought you were talking about the gains
Ryleigh said:
@Kiernan
That £50,000 is about income earnings I’m referring to.
My bad I misread and thought you were talking about the gains
No worries, we both made good points You just added a bit more context, good job.
Don’t forget tax is due not just when you cash out to GBP Crypto to crypto exchanges count too as taxable events.
I plan to take some profit this tax year to use my allowance then brace myself for CGT in 2025-2026 tax year.
I don’t see a situation where waiting until the next tax year is worth it to benefit from an extra £3,000 allowance Who knows what it will be by then
Who says the bull market has stopped?
There are definitely ways to take profits without paying taxes.
So, if I exchange a meme coin and make some nice profits and then swap it for another alt that goes up, even if I don’t cash out, do I still pay capital gains on those profits this year?
Also, if these gains are realized and the coin drops in value, do those realized gains just disappear?
In the UK, we are pretty much stuck.
We must pay tax on any crypto gains over £3,000, regardless of how long you held it Some countries make it tax-free if you bought it over a year ago and are now selling The UK government just wants your money.
@Vern
Don’t get it twisted, governments everywhere want a piece of the pie I’m in Canada and feel like I’m paying taxes for just existing.
Tenny said:
@Vern
Don’t get it twisted, governments everywhere want a piece of the pie I’m in Canada and feel like I’m paying taxes for just existing.
Dubai and the UAE beg to differ on that
Tenny said:
@Vern
Don’t get it twisted, governments everywhere want a piece of the pie I’m in Canada and feel like I’m paying taxes for just existing.
It sounds like you’re unhappy with your government yet defending them at the same time.
@Vern
I’m just saying that it’s not only the UK that’s making things tough for us.
Tenny said:
@Vern
I’m just saying that it’s not only the UK that’s making things tough for us.
I get it, I mentioned Canada previously too
@Vern
Do I need to pay taxes on crypto profits if I use a UK bank but I’m not a UK citizen?
Uri said:
@Vern
Do I need to pay taxes on crypto profits if I use a UK bank but I’m not a UK citizen?
If you live in the UK and pay your taxes here, yes You pay taxes in the country where you reside unless that country has different rules for crypto.
@Vern
Count yourself lucky In India, we pay 31% tax on any profit We can’t offset losses either If you invest 100 and make 50 profit, you pay tax on 50 If you lose all 150, you still pay that tax on 50 They are robbing us! And if you manage to earn over $50,000 USD, be ready to pay 40%.
@Westley
This is really terrible I had no idea I truly feel for you
@Vern
What about China, won’t they make dealing with all this easier?