Tax Loophole for UK Cryptocurrency Holders
Dig deep into how to grow wealth and one will find a myriad of success stories with breadcrumb trails leading to the rewarding life of tax mastery. Owning a business and learning what expenses can be written off puts money in the pocket of the one who's creating the product and adds to the free market economy.
One should know that the amount paid to the government of an average tax-paying citizen over a life time is around 1/3rd of his or her earnings.
The purpose of blockchain technology is to place the power back in the hands of the creator. This is the era of the blockchain revolution, where the multi-billion dollar industry of banking fees will be crushed by the weight of the individual. Yes, that's correct, late fees, low balance fees, overdraft fees provides billions of dollars in revenue to maintain these systems...to charge you! And maintain an illusion of power.
Blockchain technology offers a transparent solution where all transactions are recorded on a public ledger & products and services are exchanged without fees being sent to a centralized source. No, small fees are paid to those maintaining the blockchain, "workers" of the blockchain who use their own power & energy to record your transaction. Yes, blockchain tech is the future of money. So one is investing..and the big hand is looking for one's wallet, and one is handing over fiat each payday. But what about the gamblers?
In accordance with Her Majesty's Revenue & Customs department (HMRC,) investment gains from cryptocurrency can be written off as a profits from gambling. Profits from gambling in the UK are non-taxable. Make sense, since cryptocurrencies are so volatile, and investing in them is very speculative. So for those located in the UK, for now, maybe you can take advantage of the tax laws as they are. Though it's possible that this may change sooner than later, the desire for less mandates and more instruction remains strong with those looking to file their earnings & pay their taxes. As for those in the U.S., we've got other good news.
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