What You Need To Know About Crypto Tax In The UK: Part 6

[@bigk9610]

Vote reform and make a change for the better, reform are crypto friendly it’s in there manifesto

[@yalekohli9554]

Nice vid as always. ‘Exit tax’ what a joke that would be

[@AtticusDenzil]

gee hope not too many moving to BRICS nations

[@leeclarke3495]

Thank you James. Great content. You answered three tax questions that were on my mind...brilliant...❤

[@jameskay428]

Great, glad it was helpful!

[@lordmuck4800]

Thank you James and Jamie 😊

[@jameskay428]

Thanks for the comments and likes! Glad they have been useful

[@AtticusDenzil]

millionaires are leaving UK, watch for exit tax

[@AndreiHanceariuc]

If you buy £100.000 worth of Bitcoin (with the money you earn from wages over the years which were already taxed) and sell the same amount after a few years..why is that taxed too? In other countries you pay tax just on what you have over that amount (profit). Which is a lot easier to calculate and track. This is why people avoid paying tax..it is not fair on them😂

[@derekwhite5090]

Capital Gains Tax is a tax on the GAIN. Therefore if you spent £100,000 on an asset (crypto or not) and then sell it for £105,000 you only pay CGT on the gain of £5000. So I believe you are not understanding this correctly from your comments.

[@andrewt3162aa]

Basically the best option is to move into another tax friendly country instead of at least for a 5 years period, UAE for example. Just take all your crypto (unrealised profit)and leave the UK.

[@Scott-mi1of]

Correct conclusion

[@mrbmro3991]

Exit tax? Wow

[@jameskay428]

Yeah, a possibility. Jamie and I discuss this again when we look at the upcoming Autumn Budget in a video being released later this week

[@kap144]

No plans for crytop isa?

[@jameskay428]

I mention that briefly in my next video actually being released this week. Not at the moment though I don't think

[@kap144]

@jameskay428 we need it, especially after reducing tax-free capital gains from 12k to 3k👎

[@knottym00se]

Filled in the typeform and get no confirmation that it's been sent, is this normal? Last page is just links to share the typeform on social medias or create my own.

[@jameskay428]

I'll ask Jamie to check for you.

[@dineshmistry8902]

Gr8 Video James... this one covered many questions that were on my mind too 🤟

[@jameskay428]

Great, glad to hear they were helpful!