uncleflo
Registered since September 28th, 2017
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Tag selected: strict.
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Country specific advice | boating abroad | RYA
Saved by uncleflo on February 12th, 2022.
A vessel must comply with the regulations of its flag state wherever it is in the world. In addition when cruising the waters of another country (as explained on the page Law of the Sea and the Coastal State), that country can require you to comply with its national legislation (as applicable to foreign flagged vessels). The UK's relationship with the EU changed from 1 January 2021. As a result you now have an obligation to report to UK Border Force when moving into and out of the UK by recreational boat. You should expect greater scrutiny and requirements to report on arrival and departure, when moving between the UK and the EU and/or the Schengen area by recreational boat. For each of the countries listed, answers to questions that regularly come up are provided. The information applies to UK registered boats owned by private individuals who are resident in the UK, which are taken abroad by them on a short visit. If you choose to base your boat abroad, have both property and your boat in a country, become resident abroad, cruise a company-owned yacht or use your vessel commercially (including offering it for charter), the rules may differ considerably from those applicable to private vessels on short visits. Specialist advice should be sought from the authorities (or a lawyer) in the country concerned.
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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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