uncleflo
Registered since September 28th, 2017
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Tax Loophole Found for UK Crypto Profits
Saved by uncleflo on February 10th, 2018.
Each country has its own systems for tax evaluation and collection, and some countries are stricter than others. One of the major issues governments have with cryptocurrencies is the difficulty in taxing profits made on trading. The United Kingdom’s HMRC (Her Majesty’s Revenue and Customs department) found this out the hard way. Finance experts have warned that a loophole which reduces crypto gains to zero can be exploited on tax returns in the UK. It was reported that this could potentially deprive the government of millions in lost revenue. HMRC will be expecting a large number of profit declarations on tax returns after the crypto market capacity soared by almost 2000% in the past year. However, the taxman could be seeing far less than anticipated due to a loophole which currently enables crypto profits to be declared as gambling winnings, which are not taxable.
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Articles | Government Auctions
Saved by uncleflo on September 2nd, 2014.
Magistrates' courts could grind to a halt if thousands of motorists exploit a legal loophole unwittingly exposed by a Welsh driver. Magistrates had no choice but to find Phillip Dennis, of Whitford, Flintshire, not guilty of speeding when his case was heard on Thursday. He had omitted to sign the standard form which is sent to the owner of each vehicle caught by a speed camera - and Mold magistrates said they couldn't accept the form as evidence. Police have no power to compel car owners to sign the form and have been expecting someone to spot the loophole.
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