Can I be taxed for receiving money from one bank to another?
I will be cashing out 10k+ worth of Bitcoin soon, this could mean I end up selling it and having several people send me FIAT to my bank account. Do I become liable to tax in this case? I am not being paid for a service, it is as an asset.
Thanks
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Generally bank transfers are not in themselves liable for tax.
However making profit generally is taxed either as income, capital gains or some combination of the two. It seems that in the UK cryptocurrencies are being treated like other currencies for tax purposes and that trading profits/losses may count as either income or capital gains depending on the circumstances.
www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
However I do not know how to unravel whether particular trading activity would count as income or capital gains. I would suggest gathering as much information as possible and then discussing this with an accountant.
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