Capital Gains Tax - LEGAL Ways to reduce

[Anonymous No.24593641]

Bongs, what are some Legal methods of reducing CGT Tax?

I have already bought it, in personal capacity. I bought 4,000 Link at 50 cents and still holding.


If i were to cash out and sell it would be around £40k.
Less 12.5k allowance and less purchase price = gain of 26,500

Higher rate tax payer so CGT Rate at 20%

26,500 @ 20% = which Tax would be at £5,300

[Anonymous No.24593695]

>>24593641
unless i'm retarded, i thought if u held for 1 year and made no trades in UK the rate goes from 20% to 10%

[Anonymous No.24593697]

just don’t pay it, 40k is nothing

[Anonymous No.24593737]

>>24593695
Source on that?

[Anonymous No.24593822]

>>24593641
Fellow Bong here. Living abroad. If you live abroad for 5 years or more you pay no tax at all to the UK and your host country never knows about your finances.
Either that, or move to Portugal, Germany etc.
Why cash out before the GBR anyway?

[Anonymous No.24593861]

>>24593695
In the UK - that is false, there is no source on that.Checked and been though HMRC websites.


>>24593697
Well that is Illegal, you will find out in good time, what you evade tax.

I am asking for Legal advice, to pay my tax and minimnise my liabilities.

[Anonymous No.24593885]

>>24593822
I forgot to mention. I do NOT want to change residentship or move abroad, that option is not feasible. Thank you

[Anonymous No.24593915]

>>24593885
faggot

[Anonymous No.24594006]

Anyone know a REALLY good accountant, competent with crypto?

[Anonymous No.24594010]

>>24593861
me right now.

[Anonymous No.24594039]

>>24594010
Yeah, this doesnt apply here in the uk
> if u held for 1 year and made no trades in UK the rate goes from 20% to 10%

[Anonymous No.24594047]

>>24593861
faggot the gov doesn’t give a shit about you and your 40k

[Anonymous No.24594112]

>>24594047
Faggot - I know that, I just dont want my ass handded to me, when Cuckbase give my info and details to HMRC and they follow up 3-4 years down the line.

Grow up

[Anonymous No.24594156]

open a cash isa account you can cash out 20k and put it in there and it is tax free and you can lift it out again whenever you want all at once or little by little. That plus your allowance should cover you

[Anonymous No.24594184]

>>24593641
>Bongs, what are some Legal methods of reducing CGT Tax?

The absolute best way is to leave the country and never come back. The UK is a rainy paki and nigger infested prison island where you get locked in your home over the flu, so why would you want to hand over any of your hard earned money to your prison wardens? the ultimate form of cuckoldry desu.

[Anonymous No.24594209]

>>24593641
Look retard. Read about the Common Reporting Standard. There's a snapshot every 1st of January. Pull your crypto off and put it in a hardwallet and stop being poor and hold for GBR you fucking idiot.

[Anonymous No.24594250]

>>24594209
the fuck is GBR?

[Anonymous No.24594273]

>>24593641
Just cash out the full £12.5k and if you're desperate to turn more into fiat, use your ISA allowance.
I'd say leave the extra £30k in stablecoins/crypto and wait until the 20% tax doesn't matter. 20% tax on 5mil leaves you with 4mil - think of it more like this.

[Anonymous No.24594319]

>>24594250
>the fuck is GBR?
ngmi

[Anonymous No.24594671]

>>24594273
How and what do you mean use your ISA allowance?

Lol, you do realize, if i do LINK to stable coin, that's a Taxable event. So if I am in stable coin in 2020 and in 2023 I cash out that stable coin the gain would be looked at in 2020 and would be stung then

[Anonymous No.24594826]

>£12.5k
anything less than this per year and i don't have to declare, right?

[Anonymous No.24594854]

there's not a lot you can do, other than any bring realised losses forward.

there isn't a lot of support for us right now because they've given fairly guidelines following capital gains.

there will be in time in the future where they begin to introduce loop holes as more people hold.

I reckomend pulling out your initial and gains now and then pulling out your allowance plus anything else in the new financial year and getting taxed.

I wouldn't pay for an accountant, just a waste of money on your scale.

now post a picture of your hand and prove ur British and not paki

[Anonymous No.24594882]

>>24594826


you have to declare regardless if you pick related

[Anonymous No.24594908]

I'm thinking of cashing out my free 12.3k soon, should I inform my bank or just do it?

Also, best way to do it? Coinbase?

[Anonymous No.24594939]

>>24594882
No you don't, learn to fucking read.

[Anonymous No.24594956]

>>24594908
I'd phone the bank beforehand, fuck having you account frozen and having to mess around with that.

[Anonymous No.24595027]

>>24593641
unless the rules have changed.... with shares there's a 10% reduction in tax liability per year of holding - not certain if this applies to crypto - best plan is to find a good accountant whose willing to be..... creative :) not illegal obv, its just that imho most people drawn to accountancy are beyond straight-laced.

[Anonymous No.24595107]

>>24594939
you learn to read

[Anonymous No.24595137]

>>24593641
Just take out your limit once a year and put it all into gold sovereigns for Long term storage you pay no CGT on that

[Anonymous No.24595564]

>>24595107
OP is cashing out 40k which is under 4 times the 12k allowance limit and assuming he is not self-employed then he doesn't need to report anything.
Fucking brainlet.

[Anonymous No.24595693]

>>24593641
this is the shittest thread I have read.

sorry bud but you just gotta pay up unfortunately.
or you can wait and hope some new crypto tax law comes in which I doubt. or you do something a bit shady....

actually just remembered I think you can defer or reduce CGT by investing your gains into an enterprise investment scheme (EIS)

dunno EIS might be an avenue to explore.

[Anonymous No.24595790]

>>24595693
If they introduce a new crypto tax law it will no doubt be worse than the current rules to squeeze more out of you.
Tories are fucking scum.

[Anonymous No.24595839]

>>24594956
does this also alert authorities in any way? Do I have to explain they're crypto gains?

[Anonymous No.24595889]

>>24593641
No tax on loans Nexo is 10% better than 20% aside from moving to a crypto tax haven you don't have much hope of achieving less

[Anonymous No.24595971]

Get the 20% while you still can

https://www.bbc.co.uk/news/business-54908037

[Anonymous No.24596017]

>>24595790
>Tories are fucking scum.

all politicians are fucking scum.

[Anonymous No.24596060]

>>24594671
Move your money into an ISA. There's a tax free allowance for ISAs separate to CGT.

>if i do LINK to stable coin, that's a Taxable event
Yep, I realise that. That's why you shouldn't do those stablecoin trades on exchanges, but DEXs instead. Uniswap doesn't ask for your passport and/or driving license.

[Anonymous No.24596106]

>>24595790
Tories are fucking scum, but with all the institutional money flowing into crypto recently we might see them take a different stance.

They're all bankers or mates with bankers.

[Anonymous No.24596121]

>>24593885
Offshore is your best bet. Then you pay the Soviet Zionist Republic of Bongistan no taxes and accrue no negative karma from supporting evil.

[Anonymous No.24596184]

Move all your money in to Freedom Reserve. its a tax exempt offshore currency

[Anonymous No.24596237]

>>24596017
Oh yeah I agree, don't think it would be better under any other party we've got. Just went for them since they've been in power for the last 13 fucking years and things have went downhill constantly.

[Anonymous No.24596255]

>>24594156
There are pretty strict limits to how much you can deposit into an ISA account at once

[Anonymous No.24596307]

>>24594882
I think this is going to be the last year of a 12k allowance. Someone is going to have to pay for all those furloughed wankers, and the Downing Street Shitter has already suggested this.

[Anonymous No.24596585]

>>24596060
Lost hope. Bro how do you expose. When and where you got the stable coins from...

[Anonymous No.24596678]

>>24596255
Yeah 20k a year

[Anonymous No.24596878]

>>24594184
Unironically this.

The country is fucked anyway and your plan should be to leave somewhere that isn't so determined to destroy itself. Country is fucked. Fund your escape with normie capital (current account, etc) and don't tell anyone about your crypto until you've left the UK.

[Anonymous No.24597158]

>>24596878
Live in Monaco for at least half of the year for a bit, after GBR, cash out in Monaco, pay nothing in tax and then move to a based country of your choice.

[Anonymous No.24597205]

Buy Freedom Reserve britbros

https://info.uniswap.org/pair/0x62008a04401662689467f5ee5d57c4863adabfc0

[Anonymous No.24597295]

>>24597158
Legit this is my plan. Thanks, anon. Fuck the JewK. If they are determined to drown in pakis and faggots then go ahead, but they aren't gonna take me with them.

[Anonymous No.24597477]

>>24593641
Just don't pay you fucking cuck, the government doesn't have time to go after people like you, just don't be a retard and cash in amounts smaller than 10k each time from different offramps, if you don't need the money straight away just split it across different exchanges and convert it to stablecoins, or take out an equivalent short to effectively cash out at the current price, then slowly reduce both your short and long positions over time

Get your family members to cash some in for you
Cash half in end of march and another half at the start of April

There are a million ways round it - your absolute LAST priority should be paying tax to a government that hates you and wants you replaced with niggers and other ghouls

Also why are you selling your link? You will rope next year when it his £100

>t. UK anon who has cashed out over 100k in crypto this year and not paid a single penny

[Anonymous No.24597523]

>>24597158
this but in Dubai which is infinitely cheaper
i suggest january-april and october-december (7 months)
anyway, i'm all in BTC both with personal savings and with the limited company.
how the fuck do i escape capital gains with the limited company?
can i just spend money on professional courses, make a loss, and balance it to zero with the capital gains?
at least i can spend it on something useful instead of taxes

[Anonymous No.24597540]

>>24593861
>>24593885
>>24594112

Holy fuck just read your other posts, what a cuck. Pay your taxes like a good goy and sell your linkies and do us all a favour

[Anonymous No.24597585]

>>24594047
They unironically will, 3-4 years down the line. HMRC have extremely effective tax evasion systems. You dont' get away with a dime.

They even gave me a £3 refund automatically on a tax bill 2 years ago, so yes, they will notice 40k not being taxed retard.

[Anonymous No.24597622]

>>24597477
If his platform doesn't already report trades to the IRS or HMRC, then he can do this.

If not, he will be paying his taxes now, or forcefully later with additional penalties, lol.

[Anonymous No.24597677]

>>24596060
He will still be taxed on the trade before money enters the ISA.

Infact, him adding large amounts into a ISA will instantly flag up to HMRC that he has had income not reported on his return and this will be a problem for him.

Only way is to never actually make his money into cash, which is ironic as fuck. If his platform reports trades to HMRC, then he is fucked, stable coin or not.

[Anonymous No.24597685]

>>24597585
That is because that was probably from your job which is set up on the PAYE system retard. I can assure you that the government has neither the ability nor the manpower to check through every deposit and withdrawal into your bank accounts and determine if it is taxable income/gains or some other form of payment

They prey off the projection that they are all powerful to intimidate cucks into paying, when in reality their reach is pretty limited, especially if you know how to counter them

[Anonymous No.24597717]

>>24597295
I'm no accountant but based on my knowledge of F1 drivers this seems like the way to go lol
I love Scandinavian countries but I just don't want to get into paying huge taxes there.

[Anonymous No.24597743]

>>24593641
There is one way, which might be worth it. Convert £12,300 of your LINK to another crypto or tether, and don't convert back to LINK until over 30 days later. If you do this before 5th Apr, that will be a taxable event but will be at your capital gains allowance for 2020/21. The total value of the amount you converted at will now be the cost for when you work out your capital gains in the future.

As an example, Link is now about £9.92. So sell 1,292 Link for £12,816, less cost of 1,292 x 40p (£516), gives a gain of £12,300, so no tax in 2020/21. In the future, the total cost of your investment will be deemed to be £12,300 higher thus saving you £2,460 in capital gains tax (or £4,920 if they ever increase it to 40%).

[Anonymous No.24597754]

>>24597585
Unironically this. I've had a family member be chased up by HMRC for literal pennies of tax (around 60p).

[Anonymous No.24597757]

>>24597622
Exchanges only report currently above a certain threshold and which is why splitting it across multiple ones is important. Also there is now no excuse in 2020 not to be using DEXs to do all of your trading, and avoid this problem entirely

[Anonymous No.24597766]

>>24597685
They don't check by hand.

Any income which enters his bank account, which is large and unaccounted for will be flagged to HMRC.

He ain't getting away with a dime, unless he keeps his money out of the UK banking system.

If I was him, I wouldn't sell or I'd go down the stable coin route until tax relief improves in years down the line. If ever.

I don't think this OP is smart enough to out-smart HMRC judging from his posts, another goy will pay his taxes.

[Anonymous No.24597847]

>>24597743
An actual helpful response that doesn't involve a potentially large fine.

[Anonymous No.24597872]

>>24597766
That's what they want you to think kek. Anything over 10k is flagged and they have ways to look for structuring but they are extremely basic and can be avoided easily.

It is also easy to set up foreign bank accounts from within the UK that you can withdraw into. Also look out for p2p off ramps from dexes that will be popping up over the next year or so

[Anonymous No.24597958]

>>24593641
Anon,
Are u married?
If so u can share the gain with ur partner.
12.5 k allowance each.
>Also don't forget any losses u made on shit coins... Utilise them!!

Finally, cash out some now (25k) and wait till new tax year (April 6th) to cash out same again.

>From Qualified C.A.

I'm hoping to provide crypto TR services to clients from April 21.

Good luck!

[Anonymous No.24597970]

Is there any kind of service that mails you physical fiat cash packets in exchange for your crypto? Even if they took like a 5% or 10% cut it would still be worth it over paying taxes so the Government can waste money on niggers/pakis/flu hysterics.

[Anonymous No.24598014]

>>24597970
That would be money laundering fren.
>ur ass will be getting fucked by niggers in prison daily for the next 6 years

[Anonymous No.24598053]

>>24594319
But what is it, anon?

[Anonymous No.24598070]

>>24598014
I don't see why it would class as money laundering from the point of view of the company though, this is actually a legit business idea kek

OP could also use local bitcoins to cash out

[Anonymous No.24598151]

>>24598014
>fucked by niggers in prison
listen to shaun attwood on youtube. this shit is no joke. he tells prison stories such as the time an inmate was gang raped, then had a lightbulb shoved up his arsehole, and his rapists took turn in trying to shatter it. he couldn't tell the guards or he'd be labelled a snitch and be killed, so instead he committed suicide.
i've only cashed out like 6k worth of cryptos. if i cash out anything for which i have to pay tax, im fucking doing so.

[Anonymous No.24598152]

>>24598014
Fuck it, how will they know as long as I keep the cash and don't put it in my bank account?

[Anonymous No.24598254]

>>24598152
By what you spend it on if it's house and car. They will know what cars you have registered to your name, and they will know if you own a house. If you buy things with cash that have no way of tracing back to you that's your choice but I will not be taking that risk personally, I hate cash anyway.

[Anonymous No.24598351]

>>24597477
How can I get family member’s to cash out? When they have no history of making deposits to buy crypto?


Which bank did you use to cash out?

[Anonymous No.24598395]

>>24597743
This is smart

[Anonymous No.24598473]

>>24597540
See >>24597585


Anyway, do you advice one big cash out or multiple small 10k cash outs?

I don’t WANT to pay taxes, but would go for the safer and legal option. The best advise is what the other anon posted.

[Anonymous No.24598487]

>>24598351
Kek no one is going to investigate your brother for cashing in 5k of crypto anon. Just get them to set up accounts on exchanges, link their bank then you send them crypto (monero via your own wallet if you're paranoid) and they then withdraw to their bank

I have 6 different bank accounts that I use, not had problems with any of them

[Anonymous No.24598527]

>>24598473
Multiple, way smaller than 10k cash outs. Switch to a stablecoin on a dex like Uniswap and you're effectively cashed out. Then sell at your leisure on a cex with an offramp and withdraw to your bank

[Anonymous No.24598538]

>>24598487
I don’t have a brother anymore.

Thank you for the advice, may I ask which banks, you use? Barclays, nationwide, any ones to avoid? AlSo presume you didn’t fill out a self assessment form?

[Anonymous No.24598585]

>>24598538
I use a lot of the newer fintech ones like starling, monzo, revolut, but these usually piggyback off bigger banks anyway. I use nationwide and barclays also, you can also use PayPal in some circumstances

[Anonymous No.24598659]

>>24598585
Thanks and did you fill out a self assessment form or what’s your background?
So your advice would be

Do 8 £5k cash outs over 4 months, across 4 banks

[Anonymous No.24598725]

>>24598395
Hopefully this method is of some use.

The reason for the 30-day rule is because, years ago, rich people would sell some of their shares to use up that year's allowance and then buy the same shares back minutes later. It was perfectly legal but HMRC had to bring something in to deter this (it was called bed-and-breakfasting, if you want to learn more).

Only draw back is you don't know what Link will do over those thirty days. With any luck it goes down and you buy in cheaper. If say the next crypto bubble top is end of 2022, we can pull this trick off twice before then.

[Anonymous No.24598762]

>>24598725
What’s your background? Do you recommend I do that and then just cash out and pay whatever taxes or do what the other guy recommends and spread 5k across multiple months and accounts?

Thank you

[Anonymous No.24599111]

>>24598762
No probs. I work for an accountancy/audit firm in England and we also deal with personal tax returns for our client. I'm know as the "crypto man" there as nobody else has experience with it. I once had to explain what Bitcoin and blockchains were to a partner because a client was emailing him about it and he had no idea, haha.

As a qualified professional, I would recommend going the completely legal route. HMRC are getting better at linking up with other government departments and putting '2 and 2' together to catch people out. You'll have to decide whether trying to hide things is worth being anxious every time the postman drops letters through your box, etc for years to come. I've not properly read the other responses but they sound a bit dodgy.

I'm considering converting some of mine as I described. The thing to consider in your instance will be to convert to one or more cryptos that you think will move with Link over those 30 days to reduce the risk.

All the best in whatever you chose to do.

[Anonymous No.24599160]

>>24599111
Also, consider if it is worth it too. If Link does go to $1,000 each, saving £5k in tax probably won't really be much of a concern to you in the end.

[Anonymous No.24599229]

>>24599111
Thanks for sharing your backing and help! What do you hold?

Yes, I agree, I might as well play it safe and make use of the 12.5k allowance and pay the remainder.

Also, do you mind me asking, of those personal tax returns for the clients, since its annnoumous and not giving the customer name, how much were they cashing out?


Are there other smart ways to legally reduce tax for the real world? thank you

[Anonymous No.24599406]

What the fuck is GBR?

[Anonymous No.24599427]

Thread is glowing, they want their shekels.

[Anonymous No.24599456]

>>24599406
Golden Bull Run

[Anonymous No.24599461]

>>24599406
Golden Bull Run

[Anonymous No.24599473]

>>24599456
>>24599461
So a new LARP.
Nice.

[Anonymous No.24599522]

>>24599473
Essentially yes

[Anonymous No.24599595]

>>24598659
No self assessment

I'd be tempted to do even smaller than 5k, you may as well do lots of small ones

[Anonymous No.24599830]

>>24599522
Checked.
Thanks for giving me an answer, fren.
We're gonna make it, either way.

[Anonymous No.24600170]

>>24593641
just cash out 11k which is your personal allowance per tax year

[Anonymous No.24600176]

>>24599830
Never a problem anon, hope you are doing good.

[Anonymous No.24600224]

>>24596237
>since they've been in power for the last 13 fucking years

They took over in 2010 didn't they?

[Anonymous No.24600323]

Every fucking week I have to post this.
UK fags, if you have a decent amount, walk into Gibraltar and become a resident. It's 0% CG tax on crypto cashouts and steaking rewards. It's a perfectly legal way of doing it and the place is teeming with crypto tax advisers and lawyers. If you have serious money in crypto, that's the way forward. Google is your friend so don;t fucking expect me to start posting weblinks for you.
See you for drinks at the harbour.

[Anonymous No.24600429]

>>24600323
What if I want to come back into the UK.

[Anonymous No.24600565]

>>24600429
It's a British Overseas Territory, essentially part of Britain. You retain your UK passport, but just reside in Gibraltar, kinda like living in Scotland as opposed to England. It's the same country, but with different tax rules. It's full of tax exiles. Why not become one yourself?

[Anonymous No.24600616]

>>24600565
Gibraltar is a funny place.
When I visited I drove over the airport runway which was a weird experience, and remember the monkeys stealing people's food and bags

[Anonymous No.24600655]

>>24600616
Best hand over 40% to Boris then, I suppose. Hope you didn't lose your Monster Munch.

[Anonymous No.24600913]

>>24600655
Given any choice I will not be giving 40% to Bozza so you might meet me in Gibraltar after GBR lol

[Anonymous No.24600927]

>>24599111
Out of interest, is there merit to the whole 'cashing out abroad' thing? I want to cash out legally as well. Im a UK citizen and I 'bought in' years ago, but have since decided to move abroad. Ive been living in Belgium for years and would be willing to move to, say, Germany, for a year, if the whole 'live in Germany and then cash out after one year's thing is true.