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bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 679
Experience:  FCCA FCMA CGMA ACIS
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this short and concise

Customer Question

Answered.
Submitted: 8 months ago.
Category: UK Tax
Expert:  bigduckontax replied 8 months ago.
Hello, I'm Keith and happy to help you with your question.

Under the Double Taxation Agreement between the UK and the USA you are taxed in only one country, or you should be. If classed for tax in the UK any tax you pay in the States will be allowed by HMRC against UK taxes. You can't be taxed twice, in other words.

Now as regards XXXXX XXXXX general rule in the UK on currency trading is that it comes under the Capital Gains Tax (CGT) regime. CGT would not be charged in any case on the sale price, but the difference between the the original buying and ultimate selling price of the Britcons less any charges incurred. There is an allowance of GBP 11,900 in the CGT computation. Profits over this amount per year would be subject to the tax.
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 679
Experience: FCCA FCMA CGMA ACIS
bigduckontax and 4 other UK Tax Specialists are ready to help you
Expert:  bigduckontax replied 8 months ago.
Now I'm confused!
Customer: replied 8 months ago.
What about the lack of documentation? I'd have to provide something correct? And as for deposit the cash in the bank -- won't they need to see documentation too? Or just the proof that taxes were paid?
Expert:  bigduckontax replied 8 months ago.
HMRC would only require documentation in the unlikely event of an investigation into your tax affairs. You should, for your own convenience, record permanently in writing your transactions to support your transactions should they ever be challenged. You can do no more that that at this stage.

True, your bank might question the deposit of a large cash sum. This is to prevent money laundering. However, should it be queried, you should put yourself in a position to be able to assure that that your big pay in was the result of a Britcoin sale. Documentation, if available, would be of assistance here.
Expert:  bigduckontax replied 8 months ago.
Thank you for your support.

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