New Crypto Law Being Introduced In The UK!

[@drchancer1098]

Are these actual case laws with due process or just legislation? Tax is theft and most of it is used for unlawful activities!

[@christophercook9745]

no law is ever made for the people.

[@orca2162]

tax tax tax , and that’s not bullish Sir Time to move to Dubai. Deemed as property = Tax, its that simple

[@andrewt3162aa]

Absolutely. Take all unrealised profit and first flight to Dubai.

[@-IsleOfSkye-]

@@andrewt3162aa Doesn't work like that lol

[@kiranbhamber4020]

They already taxed crypto via CGT.

[@NigelHyphenJones]

There are plenty of other tax friendly jurisdictions other than a shopping centre in a dessert ….

[@qandrewq5708]

Not sure why James is so keen on regulation. I just want the government out of my life as much as possible. I wish to be free to take my own risks and keep the rewards.

[@TheSpuggiehawk]

I couldn't agree more. This is not about protecting anything, it's about control... as usual.

[@jameskay428]

I am not keen on regulation. I am simply trying to educate and inform others about what is happening in the crypto space

[@Lopes-u7l]

same

[@NigelHyphenJones]

Problem is, if your TV is stolen, the Police will do nothing about it and not even attend the crime scene. They will just issue you with a crime number to claim from your insurance. Therefore, what makes you think that they will do anything about a non physical asset? A pointless toothless law.

[@ApexCypher_]

Easy. Don’t sell your Bitcoin. You’ll be better off borrowing against it.

[@richardh4689]

Exactly, HODL and keep buying now and then once it's main stream just borrow against it. No tax on loans. Smart money = asset leverage

[@becomingjoel]

​@@richardh4689explain borrowing against it. Newbie here

[@James-st9uu]

How do you do that

[@yanan3681]

Unlimited credit card!

[@barbarianlife]

@@James-st9uu I don't think you can at the moment. Perhaps in future.

[@WiseWordsGrowU]

I think they will make it property so by law it needs to be recorded. They will then know exactly what you own????

[@Rob........811]

So the same help with a theft will be zero as with 99% of all other thefts.

[@vm170]

Never bullish in UK, i can't participate in most airdrops and list of CEXs where us from UK can trade on is going smaller and smaller. Bearish

[@jimreid2611]

My fear is not necessarily a hike in CGT but that crypto will be given its own tax class and that tax class will be higher than basic rate taxpayer level. The financial establishment in the UK hates crypto at the moment so they may well go after it. Let's hope not.

[@Glen-p3r]

They are even thinking about unrealised gains tax ! I hate this country.

[@EnglishVeteran]

There was NO Personal Tax in THE USA until 1913, the year The Federal Reserve was created.

[@cryptotharg7400]

Even then the first income tax rate was only 1% on very high earners. How far we have fallen.

[@steviegwhizz345]

Not to mention the devaluation of the currency, since 1913 the USD has lost 97% of it's purchasing power, it's now worth only $0.03c.

[@EnglishVeteran]

@@steviegwhizz345 yep. Been saying that for many years. The £ has also devalued similarly. Caused by Inflation that in turn is caused by endless creation of Fiat Currency as Debt! All Fiat Currencies crash eventually!

[@paarker]

All taxes are because some tyrant or wannabe tyrant decided to have a war. They send us off to die and tax the rest who they don’t get killed.

[@andrewt3162aa]

One way ticket to UAE 🇦🇪 that's exactly what means. They will choke us all with tax one way or another.

[@HammersnBlades]

So the Lords are turning to Crypto themselves 🤓

[@sgm2463]

Sneaking in carbon credits

[@Mafffrrggff]

Taxed on the money you invest taxed on the money you gain from your investment they want a slice of everything to give to themselves and boat people 😂 their grabbing hands grab all they can…..

[@rexspeedway7536]

That’s it, blame the boats Einstein…

[@dontdisthesquawk5811]

Thanks for the information, very helpful and the reason I subscribed👊🏼

[@jameskay428]

Thanks and am glad it was useful!

[@robertdelicata5764]

great content James. The Uk is so backward thinking in terms of Crypto it should be encouraging the growth of this new business and be a leader in this new era we are about to enter. Yet here we are still with so many questions unanswered so many worries and fears in terms of what this means for UK crypto holders. I for one would like to be able to relocate and go somewhere that is pro crypto and progressive in its tax system. To remain in the Uk we urgently need financial vehicles that will allow us to borrow against say BTC mitigating our tax liability and allowing us to invest into other assets for example property that way we can stimulate and grow the economy.

[@jameskay428]

Agreed, unfortunately it always comes down to control and tax

[@dineshmistry8902]

shocking how the Gov eroded the Capital Gains Tax threashhold.... its like don't let the retail get rich and do all we can to stop retail moving up the ladder with their new found skills in crypto investment 🤨🤨🤨

[@paddyanglais91]

I'm leaving next year. Staying will only make you poorer.

[@Bufford2024]

Half of burglaries remain 100% uninvestigated ... let alone unsolved. The biggest new burgler on the block will be the government ... burglering your block chain. The ultimate 2nd story man! 😅

[@kennymcalpine8970]

Thanks for the info , subscribed , cheers

[@jameskay428]

Thanks!

[@exvibe]

Hi I contacted Myna after watching your first video on them and made an appointment for a consultation. It said in your video that they would offer a free chat. Even though I had an appointment no one even called very disappointing. They not keeping up their part of the deal you promoted....

[@theproxy6841]

I am balls deep in DeFi

[@jimreid2611]

Interesting. Does that mean "not your keys, not your crypto" would become irrelevant in the UK if this law eventually passes?

[@cryptorichierich1597]

Govt isn’t doing anything to help you, so what’s their angle?

[@abdulmajid8888]

Offboarding is still an issue in the UK so all other news is irrelevant really until that's resolved

[@noahsark1801]

Can you please rectify which exchanges are viable in the UK

[@nicolitos09]

Great video 🎉

[@jameskay428]

Thanks!

[@slashville]

What disturbs me is they are admitting the rollout of carbon credits with this law

[@AtticusDenzil]

pound backed stable coin when? lol UK lagging hard on being a crypto hub

[@Killerphantom69]

So since it’s property does that mean a trust or LLC could own it therefor u won’t need to own it in ur name ?

[@Nikodeepseadiver]

So what happens investors have been scam ? And lost a lot of money what then ?

[@vm170]

Stable coin is not a property it's money

[@fumanchu9701]

Capital Gains tax on property is 28% I believe. 😢

[@deano5299]

Never cash out in the uk, it’s that simple!

[@defi-minnow]

I think the question is when swapping say BTC to USDT does that become a taxable event? If both are deemed property I guess it will be. Interesting times.

[@sleepless1978]

Any asset to another asset is a taxable event in the UK, always has been 👍

[@richardh4689]

@@sleepless1978 Gold coins aren't but I guess they do have a face value, however that does not represent their worth. It works for the big wigs so that why it is I guess, corrupt systems. Buy Bitcoin and don't sell. No Tax

[@jameskay428]

Yes, it is a disposal of BTC so is seen as a taxable event, regardless of this new bill. This was covered in the crypto tax Q&A series

[@northbouy2625]

If there's no gain, no tax

[@sy247]

It already is

[@vthelastrun3290]

Thanks a lot mate like allways, keep covering UK crypto laws and tips you the best

[@jameskay428]

Thanks! Next video is being released on Saturday discussing with Jamie what the outcomes for crypto could be in the Autumn budget...

[@vthelastrun3290]

@@jameskay428 looking forward for this

[@Sammyautomatic74]

Most important is tax if we going to pay to much tax what is the point I hope tax will go down 👍a bit they don't want us to make huge money

[@jameskay428]

Very unlikely to go down in my opinion unfortunately. Keep an eye out for a video I'm releasing tomorrow on the possible outcomes for crypto tax in the Autumn budget

[@giantrobot67]

The incoming capital gains tax increases will put a stop to anything bullish about crypto in the uk.

[@cryptotharg7400]

I'm expecting a minimum 25% CGT on crypto gains, regardless of your income tax status.

[@giantrobot67]

@@cryptotharg7400 Most of the videos I've watched seemed be suggesting 40+% I guess we'll see.

[@richardh4689]

Don't sell it

[@ogregialzsorop5941]

​@@cryptotharg7400 I expect 45%

[@martinwilby8942]

very good thanks

[@jameskay428]

Thanks!

[@Mark_bowles1]

nice one James, shame you have scammers in chat

[@jameskay428]

Thanks, yes it takes a long time trying to delete them for every video!

[@Mark_bowles1]

@@jameskay428 if you need a mod, you can buy me a coffee for helping lol

[@jackscicluna3324]

When would the crypto tax rise come in to play if they rise it in October ?

[@jameskay428]

We discuss that in the Autumn budget video. Likely to come in straight away if they do increase CGT at the end of October. No-one knows what will happen at the moment though

[@garygrant1641]

Thanks..we have to talk soon 😊

[@CryptoBoon]

Keep up the great work James.. Very informative thanks🌟🌟🌟🌟🌟👍🏻

[@jameskay428]

Thanks, glad it was informative!

[@bigben8272]

Excellent work! I look forward to your commentary on the October budget.

[@jameskay428]

Thanks, it will be published tomorrow!

[@nicholasbrus8628]

Declaring Crypto as property has some issues ... Crypto is virtual and only exists while miners/validators are online ... if the infrastructure shuts down, due to unsustainable costs for example, then your Crypto will disappear. Are miners/validators now liable for your Crypto?

[@natamin.9224]

🙏

[@HappySoleyxx]

Thanks James

[@ArunSharma-ek9tl]

I suspect it means little to those that had their assets takrn by celsius with the way their changed TOS etc. i suspect next bull cycle may have some promise.

[@pid880]

Thanks ❤the is best news.😊

[@silviucalota8962]

we can use binance and bibyt in uk ?

[@jameskay428]

Neither are registered with the FCA to operate in the UK

[@nazdabner2685]

Can I live inside BTC

[@Mafffrrggff]

What?

[@hyper9ova788]

There is no tax on crypto in UK. This guy is chatting bollocks

[@TheBorgiasBandUK]

Does koinly report your crypto to uk government?

[@philg6367]

I believe Koinly is only used to generate tax reports that can be leveraged by accountants etc.

[@ogregialzsorop5941]

I think exchanges do