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rob9872

rob9872

Well-Known Member
Why is it taxable? Surely it's like gambling? Otherwise can you claim tax back against losses? Presumably he's investing earnings that he's already paid tax on.

(sorry you've probably guessed I don't know any of the laws around this and would appreciate your expertise before I invest anything)
 
Marty

Marty

Well-Known Member
rob9872 said:
Why is it taxable? Surely it's like gambling? Otherwise can you claim tax back against losses? Presumably he's investing earnings that he's already paid tax on.

(sorry you've probably guessed I don't know any of the laws around this and would appreciate your expertise before I invest anything)
Click to expand...

Covered under capital gains tax, it's basically an asset you've used to make more money.
 
D

Deleted member 4439

Guest
rob9872 said:
Why is it taxable? Surely it's like gambling? Otherwise can you claim tax back against losses? Presumably he's investing earnings that he's already paid tax on.

(sorry you've probably guessed I don't know any of the laws around this and would appreciate your expertise before I invest anything)
Click to expand...

It's an interesting point, especially given that taking out leverage on shares and commodities (bitcoin being a commodity) is the equivalent to gambling rather than owning a share or commodity (you can of course alternatively own the crypto). Nonetheless, cryptos are included within the scope of capital gains tax. Therefore, any profits above the first £12000 made outside of a tax wrapper (isa, sipp) are taxable at the individual's marginal rate of tax (which includes the profit itself in that margin calculation).

www.gov.uk

Check if you need to pay tax when you sell cryptoassets

Find out if you need to pay Capital Gains Tax when you sell or give away cryptoassets (like cryptocurrency or bitcoin).
www.gov.uk www.gov.uk

All profits would be traceable, but I expect that there is great reliance on the 'little' man self declaring.

And yes, you can offset your losses against your profits, as well as transaction and accounts costs.
 
dutchman

dutchman

Well-Known Member
www.bbc.co.uk

Victim of 'Elon Musk' Bitcoin scam loses home deposit

Teacher Julie Bushnell says she lost her deposit for a new home in a cryptocurrency giveaway con.
www.bbc.co.uk

A victim of online scammers, who was conned into giving away her savings, has warned others not to make the same mistake.
Julie Bushnell said she felt ashamed and embarrassed after falling for a Bitcoin fraud that cost her £9,000.
It used the name of entrepreneur Elon Musk and a story on a fake BBC website suggesting she could double her money in a giveaway of the cryptocurrency.
The Brighton teacher said: "I think about it every minute of every day."
Ms Bushnell, an investor in cryptocurrency, spotted an item on a website that appeared to use BBC News branding, claiming Mr Musk, the billionaire boss of the Tesla car firm, would pay back double the sum of any Bitcoin deposit.
She paid £9,000, which she had saved for a deposit on a new home. When no reciprocal payment arrived it dawned on her that she had become the victim of a scam.
She said: "It has affected me massively. I wish I could have that time back - go in a time machine and not make those couple of clicks."
 
D

Deleted member 4439

Guest
It's a dreadful business, but I'd hope a teacher might have been a bit smarter.
 
Marty

Marty

Well-Known Member
dutchman said:
www.bbc.co.uk

Victim of 'Elon Musk' Bitcoin scam loses home deposit

Teacher Julie Bushnell says she lost her deposit for a new home in a cryptocurrency giveaway con.
www.bbc.co.uk

A victim of online scammers, who was conned into giving away her savings, has warned others not to make the same mistake.
Julie Bushnell said she felt ashamed and embarrassed after falling for a Bitcoin fraud that cost her £9,000.
It used the name of entrepreneur Elon Musk and a story on a fake BBC website suggesting she could double her money in a giveaway of the cryptocurrency.
The Brighton teacher said: "I think about it every minute of every day."
Ms Bushnell, an investor in cryptocurrency, spotted an item on a website that appeared to use BBC News branding, claiming Mr Musk, the billionaire boss of the Tesla car firm, would pay back double the sum of any Bitcoin deposit.
She paid £9,000, which she had saved for a deposit on a new home. When no reciprocal payment arrived it dawned on her that she had become the victim of a scam.
She said: "It has affected me massively. I wish I could have that time back - go in a time machine and not make those couple of clicks."
Click to expand...

Thick as whale spunk her, to think she's teaching the next generation.
 
robbiekeane

robbiekeane

Well-Known Member
dutchman said:
www.bbc.co.uk

Victim of 'Elon Musk' Bitcoin scam loses home deposit

Teacher Julie Bushnell says she lost her deposit for a new home in a cryptocurrency giveaway con.
www.bbc.co.uk

A victim of online scammers, who was conned into giving away her savings, has warned others not to make the same mistake.
Julie Bushnell said she felt ashamed and embarrassed after falling for a Bitcoin fraud that cost her £9,000.
It used the name of entrepreneur Elon Musk and a story on a fake BBC website suggesting she could double her money in a giveaway of the cryptocurrency.
The Brighton teacher said: "I think about it every minute of every day."
Ms Bushnell, an investor in cryptocurrency, spotted an item on a website that appeared to use BBC News branding, claiming Mr Musk, the billionaire boss of the Tesla car firm, would pay back double the sum of any Bitcoin deposit.
She paid £9,000, which she had saved for a deposit on a new home. When no reciprocal payment arrived it dawned on her that she had become the victim of a scam.
She said: "It has affected me massively. I wish I could have that time back - go in a time machine and not make those couple of clicks."
Click to expand...
Hard to feel sorry for something so stupid
 
D

Deleted member 4439

Guest
I'm still accumulating gold, ready for the new gold backed currency/coin.
 
D

Deleted member 4439

Guest
Crypto getting a mulling today following the Chinese signalling the end for private crypto.
 
rob9872

rob9872

Well-Known Member
Wtf is happening? Do I get out whilst it's still got worth or ride the wave?
 
D

Deleted member 4439

Guest
Bought another ounce of gold this morning - has gone up £20 an ounce since. Gold - the new crypto.

Usually just buy Britannias, but this took my fancy

1621432454896.png
 
D

Deleted member 4439

Guest
Rich said:
Is there a decent place to buy the odd g of gold? Just think it looks a decent option if I have a bit of cash lying around
Click to expand...

Cheapest place I have found is Atkinsons Bullion: Buy Gold & Silver Coins & Bullion Bars UK (based in Solihull)

They are generally competitive, but note that they buy in a shipments rather hold large stock, which means it could be 7 days before you receive the goods, whereas the more high profile sites like

Buy Gold Bullion - The UK's No.1 Bullion Dealer | BullionByPost ® and Buy Gold Bullion & Coins – Free Insured Delivery | GOLD.co.uk ® (same company)

do next day delivery but demand premiums for this.

This is certainly the case for 1oz Britannias.

When buying physical gold, remember it is a LT investment and that the premiums are greater on small coins. I know it's a wedge, but I would advise trying to limit yourself to simply 1oz Britannias, as the premium get pricey on anything less.

At Atkinsons, the premium on a 1oz Britannia is 5% over spot, and similar when you come to sell.

Whilst I did fancy the gold bar shown above, that's very unusual for me. For pure investment purposes, stick to Sovereigns and Britannia of the latest year - don't get suckered into overseas mints and special editions as generally you'll get near enough back just the worth in terms of weight of gold.

Gold attracts no VAT (unlike silver). For what it's worth given that gold isn't really traceable, Britannias and Sovereigns are also free of Capital Gains Tax.
 
Last edited by a moderator:
We'll_live_and_die

We'll_live_and_die

Super Moderator
dubed said:
Cheapest place I have found is Atkinsons Bullion: Buy Gold & Silver Coins & Bullion Bars UK (based in Solihull)

They are generally competitive, but note that they buy in a shipments rather hold large stock, which means it could be 7 days before you receive the goods, whereas the more high profile sites like

Buy Gold Bullion - The UK's No.1 Bullion Dealer | BullionByPost ® and Buy Gold Bullion & Coins – Free Insured Delivery | GOLD.co.uk ® (same company)

do next day delivery but demand premiums for this.

This is certainly the case for 1oz Britannias.

When buying physical gold, remember it is a LT investment and that the premiums are greater on small coins. I know it's a wedge, but I would advise trying to limit yourself to simply 1oz Britannias, as the premium get pricey on anything less.

At Atkinsons, the premium on a gold coin is 5% over spot, and similar when you come to sell.

Whilst I did fancy the gold bar shown above, that's very unusual for me. For pure investment purposes, stick to Sovereigns and Britannia of the latest year - don't get suckered into overseas mints and special editions as generally you'll get near enough back just the worth in terms of weight of gold.

Gold attracts no VAT (unlike silver). For what it's worth given that gold isn't really traceable, Britannias and Sovereigns are also free of Capital Gains Tax.
Click to expand...
Thanks mate, I was thinking just the odd g here and there when I have a few quid lying around, not thousands.

Would you say that's not worth it? Reading above would suggest as much.
 
rob9872

rob9872

Well-Known Member
Marty said:
What's your long term thinking? That will decide what you should do.
Click to expand...
No idea just gambling and know fek all about it but took a punt after reading on here.
 
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