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RE: Australian Tax Office "is considering events in El Salvador" to revise tax status of Bitcoin

in #bitcoin • 4 years ago

Hmmmmm. I wonder what the situation is in the UK and whether or not anyone has written to HMRC. I haven't seen any information about it anywhere other than "the changes in El Salvador will make no difference to our tax situation".

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     4 years ago  

    You need to look at existing HMRC rulings re status of Bitcoin and see whether foreign currency status is raised.
    I just had a quick look and at least some types of foreign currency trading is tax free in the UK.

    If bitcoin is recognised as a foreign currency under UK law than these forex trading rules will apply, rather than capital gains tax.

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     4 years ago  

    If bitcoin is recognised as a foreign currency under UK law than these forex trading rules will apply, rather than capital gains tax.

    I'll have to look that up. Not sure if that would be a good or bad thing. 😊

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