Bongs; Crypto CGT advice

[Anonymous No.52690638]

Morning gents.
How to get around CGT. The Chancellor is tightening the noose and we're all getting fucking fucked big time mate.
How to get around it for those of us who stupidly bought our crypto personally, instead of through a trust, or through a company incorporated in a more friendly tax regime?

>sell coins now to a company incorporated in BVI/Jersey/Isle of Man etc
>pay minimal CGT because of present rules/bear market/Im making a loss
>bull market resumes
>sell coins through company
>pay dividend from 0% dividend tax friendly regime
>get away scott free?

Basically, I'm asking if we are late on organising our tax affairs with our assets like this, isn't a bear market the perfect time to take a bit of a hit on it and then set things up for next time round? Any accounting fags know if thats legit?

[Anonymous No.52690651]

>>52690638
bump forinterest whats happening bro im out the loop

[Anonymous No.52690674]

>>52690651
Basically they got rid of the capital gains tax allowance you currently get - at moment you can sell assets and don't pay any tax on the first £12,000 I think it is; thats going - to £6k next year and then completely, in one or two years I think. Not sure if they're increasing the rate - I think the entirety will be charged at higher rate if you're a higher rate payer and this is some sort of 'stealth' tax which basically moves you up a bracket for the entirety of your asset sale if you're a higher rate payer anyway. Could be wrong about that. So I'm just thinking is it a good idea to dump my assets at a loss into a company under my control and pay no tax on it now, whilst getting them out of this shit jurisdiction?

[Anonymous No.52690821]

Just lose your wallet in a boating accident.

[Anonymous No.52691021]

Just wash it through a KYC free exchange into XMR, back to whatever coin you wanna hold, then when you want to cash out, sell it for physical cash or spend it directly on goods and services (not gonna spoonfeed you but there are several ways of doing this).

HMRC are a bunch of boomers and as long as you don't cash it out through your bank they'll never have a clue. Any talk about them hiring 'crypto exerts' is just noise, they are completely clueless and scratching their heads when it comes to enforcement on crypto tards.

[Anonymous No.52691061]

>>52690674
Life as a bong is fun.
Drive to work and pay your additional fuel duty tax, earn your income and pay your "income tax", don't forget rNHS and BAME tax. Oh a relative died and wanted to leave you what they spent their entire life earning? Inheritance tax bitch. Want to buy the most basic of items? Let's slap you with some "value added" tax. Don't forget you owe use council tax, we need that to reduce bin collections for example. Oh oh one last kicker, you finally save up enough over the year and somehow against all odds you invested in to an asset that after much learning/research pays off handsomely, government comes in and says "Oi m8, you owe us tax on that m8!". Decide not to pay your tax? Straight to prison pal. Hahah and I don't even understand much of the system, I bet it's much worse than even this.

[Anonymous No.52691315]

There won’t be any banks left to cash out to eventually.

[Anonymous No.52691332]

>>52691061
I think it would be better to remove myself entirely from the bong system to be honest because its state sanctioned theft from cradle to grave in the name of niggers diveristy and the NHS cult. Oh and you have to spend your waking hours hating yourself and guilty for racism and colonialism and shit despite having gifted the world the enlightenment, industrial revolution, demoracy and individual liberty through the vehicle of empire. But fuck it its a shit show.
>>52691021
Thing is though - eventually I DO want this to be cashed into my bank account because how else could I live on it? Obviously, anything over £10k will be insta-reported by my bank to them. So its not possible to live off the crypto proceeds without losing it all to CGT one way or another. If I set up a company off shore now though and sell my property to it - for a loss - then I won't owe any tax now, and later, if I sell it through the company, I'll just have to pay the tax rates of the jurisdiction in which I do this (I think). I'm wondering if that would work or not?

[Anonymous No.52691341]

>>52691061
This is why wise britbongs benniesmax and buy gold

[Anonymous No.52691381]

>>52690638
just cashout in a different country retard

[Anonymous No.52691428]

Why even bother trying to get around it you fucking nigger?
UK has basically the best taxation of crypto for neets in the world other than 0% meme places.

You pay nothing up to 12k(soon 6k but its still good even with 0 allowance) then only 10% up to 55k then 20% on the rest.

You can make like 100k profit a year and only pay 13k in taxes total. Thats FUCKING NOTHING. I can’t believe some of you would rather run away and constantly have to look over your shoulder over that.

I lived in Japan for a while were the tax was 55% at the upper end at 20% at the most paltry small lower end. That is worth trying to piss around to get out of paying. Not the UK.

[Anonymous No.52691484]

>>52691332

>Thing is though - eventually I DO want this to be cashed into my bank account because how else could I live on it?

It is currently possible to spend crypto (indirectly) at basically all the big retailers and supermarkets in the UK and bypass the banking system. You can pay utility bills/CT in cash at paypoints. The tricky one is rent/mortgages, although there's no reason you can't pay your landlord in cash..... it's legal tender after all. They might snitch on you though.

If you're not a gorillionaire with multiple passports you can forget about finding some magic loophole that will make HMRC leave you alone.

If you are intent on avoiding tax, then simply sell as much of your crypto for cash as possible and/or spend it directly where you can. If you insist that some of it needs to go through your bank, then maybe separate your assets, some in/linked to KYC'd exchange, the rest in secret private wallets not traceable to KYC'd services.

Obviously there is no magic wand either you use your bank and pay off the tax man or you try to cash out discreetly. Simples.

[Anonymous No.52691763]

>>52691428
We have it comparatively good here in the UK even with the reduction of the CGT allowance. This change only really effects poorfags. Cash out £1 million? Maximum of 20% tax paid

[Anonymous No.52691779]

>>52691763
>>52691428
I didnt realise that. Guess I'll just suck it up and pay it.

[Anonymous No.52691785]

Could I sell my Krugerrands etc in Guernsey circa 2025 and not pay CGT or face any questions from ZOG?

[Anonymous No.52691832]

>>52691061
Don’t forget ulez and congestion charge thanks to our lovely labour man of the working class mayor Khan

[Anonymous No.52691841]

>>52690638
CRO solves this