Hi Monkeyphoo
At last someone who is sharing my concern!
I feel your pain my friend I'm in the same situation.
The Taxman is on my trail about years of e-selling so when I found out what the new crypto tax rules were I freaked out.
I've closed my last UK exchange in Nov and am crossing my fingers hoping that my last couple of years of LB purchases do not get flagged. Some people are going to get reported though.
The bastards use AI to trawl through all the e-selling data so if they do the same with crypto quite a few biggas might be in for very uncomfortable letters. From what I can tell the Taxman is trying to bite more than it can chew due to the sheer volumes of data but I can tell you from experience that some people do get caught.
Right now I am living on stock I've amassed over the last year: that should keep me sane until the end of this year / middle of next year (thanks to Psychonauts's amazing medicine - May they Live Long and Prosper) but I will probably run out of edibles come Summertime.
The solution seems to be peer-to-peer crypto apps such as Bisq but they are fairly complex.
Right now I am looking into setting a modest crypto rig at work (using 4G so it does not get detected ;-) ) to stash up a bit of crypto while I lay low.
Just to finish I too did wonder if there are any alternatives to crypto to kepe using LB but we both know what the answer is: nope.
If you think about it for the UK Gov to want to tax us on purchases made using crypto is in fact taxing us twice: once on the UKP you earned and which you bought crypto with a second time once you spend them.
How fair is that? It clearly is an attempt to assert control over crypto by putting us off using it.
Anytime soon though cash will be the new crypto.
At last someone who is sharing my concern!
I feel your pain my friend I'm in the same situation.
The Taxman is on my trail about years of e-selling so when I found out what the new crypto tax rules were I freaked out.
I've closed my last UK exchange in Nov and am crossing my fingers hoping that my last couple of years of LB purchases do not get flagged. Some people are going to get reported though.
The bastards use AI to trawl through all the e-selling data so if they do the same with crypto quite a few biggas might be in for very uncomfortable letters. From what I can tell the Taxman is trying to bite more than it can chew due to the sheer volumes of data but I can tell you from experience that some people do get caught.
Right now I am living on stock I've amassed over the last year: that should keep me sane until the end of this year / middle of next year (thanks to Psychonauts's amazing medicine - May they Live Long and Prosper) but I will probably run out of edibles come Summertime.
The solution seems to be peer-to-peer crypto apps such as Bisq but they are fairly complex.
Right now I am looking into setting a modest crypto rig at work (using 4G so it does not get detected ;-) ) to stash up a bit of crypto while I lay low.
Just to finish I too did wonder if there are any alternatives to crypto to kepe using LB but we both know what the answer is: nope.
If you think about it for the UK Gov to want to tax us on purchases made using crypto is in fact taxing us twice: once on the UKP you earned and which you bought crypto with a second time once you spend them.
How fair is that? It clearly is an attempt to assert control over crypto by putting us off using it.
Anytime soon though cash will be the new crypto.
