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The UK Political Parties’ Plans For Crypto Prior To The General Election Explained Here 

James Kay
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What are each political party’s plans for crypto and capital gains tax if they win the UK general election and get into power?
Good news for crypto investors and the cryptocurrency market?
More crypto regulation and legislation with the FCA and UK government?
More capital gains tax due on your crypto profit?
That is what I cover in this video.
It has never been more important to educate yourself financially.
Contact me here or via e-mail if you are interested in working with me:
/ jameskaylive
/ jameskay99
If you are interested in getting specific crypto tax advice based on your personal circumstances from a leading crypto tax company, please find below a direct link to enquire with Myna.
Use my name and RU-vid channel as who referred you, so they know you have come from here:
nephos.typeform.com/jameskay
Create your free automated crypto tax account with Koinly here:
koinly.io/?via=DAECAFCC&...
Useful links:
Conservatives Manifesto:
public.conservatives.com/stat...
Labour Manifesto:
labour.org.uk/wp-content/uplo...
labour.org.uk/change/my-plan-...
Labour Financing Growth Plans, January 2024:
labour.org.uk/updates/stories...
Green Party Manifesto:
greenparty.org.uk/about/our-m...
Lib Dems Manifesto:
www.libdems.org.uk/fileadmin/...
Reform UK Manifesto
assets.nationbuilder.com/refo...
Chapters:
0:00 - Intro
1:15 - Conservatives
3:15 - Labour
8:00 - Green Party
9:34 - Lib Dems
10:46 - Reform UK
Disclaimer:
The information contained in this video is for informational purposes only. Nothing shall be construed as financial advice. The content is solely the opinions of the speaker who is not a licensed financial advisor. The speaker does not guarantee any particular outcome. This is to confirm that I am not liable for any third-party services or interactions that you enter. Links included in this description may be affiliate links, for which I will receive a commission if you decided to purchase a service or product through that company.
#crypto
#generalelection
#cryptoregulation
#cryptonews

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3 авг 2024

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Комментарии : 190   
@jameskay428
@jameskay428 Месяц назад
Thanks everyone for some great comments! Please find below a link to an article about Farage's support of crypto that I missed in the video: www.fnlondon.com/articles/nigel-farage-calls-for-uk-crypto-push-as-reform-campaign-kicks-off-7e5fdfb4 Please also find below a list of the countries with the highest CGT, led by Denmark at 42%, and with some countries not charging any CGT: taxfoundation.org/data/all/eu/capital-gains-tax-rates-in-europe-2024/#:~:text=Capital%20gains%20tax%20rates%20shown%20include%20surtaxes.&text=Denmark%20levies%20the%20highest%20top,follow%20at%2034%20percent%20each. taxsummaries.pwc.com/quick-charts/capital-gains-tax-cgt-rates
@Mark_bowles1
@Mark_bowles1 Месяц назад
I recon you shouldn't pay tax until it hits your bank account.
@BSJWright
@BSJWright Месяц назад
No, every transaction is a taxable event. Btw you can use exchange debit cards so your crypto gains might never hit your bank, does that mean you shouldn’t be taxed? Of course not! We just don’t want lunatics increasing CGT rates to the same levels as IT, as it’s us that are taking the risk, so why is it fair that we have to pay the same amount of tax as we would if we were earning money through trading our time for it?
@u1ser.419
@u1ser.419 Месяц назад
@@BSJWright nah mate if u dont withdraw its untaxable lol
@exitnightenterlight5327
@exitnightenterlight5327 Месяц назад
Yea they cant tax all crypto transactions. You think they can tax use of a dex definitely not. We should be pushing for self custody, and only paying tax when you sell or spend.
@imconfused1237
@imconfused1237 Месяц назад
@@BSJWrightIncorrect. CGT only applies where the ‘event’ involves a disposal. You calculate the profit / loss. If you never dispose, there is no “taxable event”.
@jakemaskell
@jakemaskell Месяц назад
@@Mark_bowles1 makes sense. Why would you pay tax before taking profits. Same as if you invest in stocks and shares or an index fund. You don't pay any capital gains until you cash out
@ADFinlayson
@ADFinlayson Месяц назад
Farage has been openly supportive of crypto in several of his speeches when talking about the banking system, granted nothing in the manifesto about it but then we all know Sir Keir is coming for our SATs even though it isn't in their manifesto
@BSJWright
@BSJWright Месяц назад
He is, and he’s not a fan of CBDCs either
@clintonholzer8344
@clintonholzer8344 Месяц назад
Looks like I will be leaving the UK.If that's the case😢 Don't mind paying taxt but unfortunately I don't get anything for it anymore.The system is broken!
@michaellamont2605
@michaellamont2605 Месяц назад
All I've had abuse and slavery off my government I'm leaving the UK 🇬🇧 ASAP If Nigel doesn't get in, we're FINISHED
@Mysteryguest301
@Mysteryguest301 Месяц назад
Set up a company in the British Virgin Islands like most crypto holder's that are gonna have big wealth transfers. Its 0% tax and you can control it from the UK if you pay for a certain company to set it up for you. Saxe global are the ones 👍
@naftab123
@naftab123 Месяц назад
40 - 45% tax and you take all the risk .. LOL
@michaellamont2605
@michaellamont2605 Месяц назад
NUREMBERG 2.0 time
@BSJWright
@BSJWright Месяц назад
It’s a joke
@Stevieab
@Stevieab Месяц назад
Yup I’m moving to Portugal. Why should I take a risk back in 2013 buying magical internet money as it was known back then for them to then want a 40 percent cut when I sell. Disgusting. Go where you’re treated best.
@naftab123
@naftab123 Месяц назад
@@Stevieab you will leave all your friends and family behind?
@Stevieab
@Stevieab 12 дней назад
@@naftab123 Yes I’ll send them lots of pictures of me in the sunshine and on the beach though 👍🏽
@ijustwanttoaskaquestion106
@ijustwanttoaskaquestion106 Месяц назад
Terrible news. I have never had any Capital gains in my whole life, I started investing in crypto in 2021 at the top of the last bull run. Now there is a chance I may have some capital gains this tax year and the next tax year. I thought 20% was high enough but 40% and 50% would ruin my plans to retire early.
@boooshman83
@boooshman83 Месяц назад
Thats the whole point of communism, which is what labour is in disguise.... those migrants wont pay for themselves!
@BristolMatt
@BristolMatt Месяц назад
Bud meeeee tooooooo. Me and the Mrs got into Crypto at the 2nd top of 2021. Coin bureau was making videos on how my coins were about to 10 times themselves and the whole market bottomed out within days. I have held for all this time. Im above water now and should do okay in this run. Its the next run im looking forward to, and the government is about to ruin that. This time round is bad enough with their crypto rules, but next is going to be infuriating. Oh well, it's fine. I will probably end up holding the bag for a second time running, knowing my luck. Haha.
@BSJWright
@BSJWright Месяц назад
The answer is not to vote Labour or for any of the other lunatics. Whether that’s conservative or Reform is a different question
@michaellamont2605
@michaellamont2605 Месяц назад
Retire EARLY? They don't want you retired
@jamese2424
@jamese2424 Месяц назад
Labour tried to hit capital gains tax before, and it failed to accumulate a fraction of the predicted billions….why was this…..You will always have control on when you realise those gains….Or what country you choose to reside in when you take those gains…
@imconfused1237
@imconfused1237 Месяц назад
Choice of residency isn’t as simple as that. And besides, if you realised a gain abroad but then desired to return to the U.K. HMRC would require your settlement. They’re not fools.
@BSJWright
@BSJWright Месяц назад
They make all of these calculations on how much extra tax revenue it will generate but what they don’t take account of is the amount they will lose due to billionaires and millionaires leaving as a result of the higher taxes. This happened in the late ‘60’s and early ‘70’s when John Lennon and other rich people left the UK due to this insanity
@imconfused1237
@imconfused1237 Месяц назад
⁠@@jamese2424 You made two points: 1) you can’t be forced to sell (stating the obvious) and 2) you can chose which country to sell in (also true) However… In respect of (2), the tax liability is based on the country an asset was acquired in - not where it was disposed of. Bought Bitcoin in the U.K. but sold in Belize? You will owe HMRC any CGT. In short, it’d be a pointless demonstration of self-harm; effectively exiling yourself from the U.K. purely to avoid paying a relatively small %. A lot of effort and barriers for little benefit. I hold a significant amount of Bitcoin. At some point, that will be disposed of. And I will pay whatever CGT I am required to. No need for drama; I get my profit, they get their tax. And repeat.
@jamese2424
@jamese2424 Месяц назад
I just deleted a couple of comments.. Not being part of a RU-vid argument... discussion.. whatever.. Do your research people..I did.. As regards leaving UK.. Fill out a P85 form and your free from HMRC... Don't return more than 30 days for the next 5 years to be safe Capital gains tax law/rules will then be dependent on the country you reside in.. The UK not like the US...pay uncle Sam wherever you end up... unless you renounce you US citizenship
@agibsonallan
@agibsonallan Месяц назад
If labour get in most people with a good amount of crypto will be heading for the door
@kmully8873
@kmully8873 Месяц назад
Good. See you in Belize.
@imconfused1237
@imconfused1237 Месяц назад
Leaving the U.K. for the sake of a few quid 😂 Nah, I don’t think so. It’d be pointless anyway, as you’ll still owe CGT to the U.K. But don’t ever educate a fool…
@rexspeedway7536
@rexspeedway7536 Месяц назад
I doubt it.
@Alfie-Crypto
@Alfie-Crypto Месяц назад
@@imconfused1237 you don’t if you’re not a uk resident for over 4 years
@ranchandard2840
@ranchandard2840 Месяц назад
Its 10% CGT lower threshold and 20% CGT on upper threshold, which is not bad compared to other countries, but not as friendly as say Germany. Dont forget staking is taxed differently. Koinly is really easy to do taxes.
@BSJWright
@BSJWright Месяц назад
Koinly is very expensive when you start to get large volumes of transactions. It also doesn’t support all chains. As an accountant and HMRC agent I can attest to this as I’ve tested quite a few tax software platforms
@estonianreefer2851
@estonianreefer2851 Месяц назад
So Labour government would drive a lot of wealthy people outside of UK😅. Well done 👏
@Crypto-cartel-1
@Crypto-cartel-1 Месяц назад
Yep typical government strategy drive all the money out and let alll the dreggs of society in
@vijyendrasingh6373
@vijyendrasingh6373 Месяц назад
And they will facilitate illegal immigrants. They have no proper plan to deal with backlog. They will give asylum to all illegals.
@rexspeedway7536
@rexspeedway7536 Месяц назад
Driven out by paying tax? Surely the wealthy aren’t this shallow… I don’t think it’s enough of a factor to leave your family and life - for a few quid.
@arkenangel
@arkenangel Месяц назад
@@rexspeedway7536when there’s millions or even billions on the table… yeah they’re gunna go
@boooshman83
@boooshman83 Месяц назад
@@arkenangel especially those who are gonna "get" rich, imagine... your about to finally hit 6 figures or more for the first time ever. Retirement and a better quality of life is worth bailing for
@1KMegykicsitmindenhol
@1KMegykicsitmindenhol Месяц назад
Thank you.
@coinsilo
@coinsilo Месяц назад
Good video 👍
@Allrightdrve
@Allrightdrve Месяц назад
Interesting thanks for the vid James.!👏👏
@jameskay428
@jameskay428 Месяц назад
Glad it was interesting!
@TheXTed
@TheXTed Месяц назад
Thank you James, great summary.
@jameskay428
@jameskay428 Месяц назад
Glad it was helpful!
@geecee5633
@geecee5633 Месяц назад
Great content and super informative.
@jameskay428
@jameskay428 Месяц назад
Glad it was helpful!
@jomtien8240
@jomtien8240 Месяц назад
Good information well needed
@jameskay428
@jameskay428 Месяц назад
Glad it was helpful!
@georgep2222
@georgep2222 Месяц назад
Thanks! A lot of uncertainty for us UK crypto enthusiasts 😬
@edwardpryce2596
@edwardpryce2596 Месяц назад
I have yet to get an answer from HMRC as to how im expected to pay my tax bill ,since my bank frooze my on/off ramp to crypto . Anyway good luck to them because im leaving to live in the Philippines in August .
@parapilot09
@parapilot09 Месяц назад
You can off ramps to another bank such as Nationwide or Revolut. You are aware that there are taxes on crypto gains in the Philippines for non citizen residents!?
@imconfused1237
@imconfused1237 Месяц назад
You might be leaving, but your tax liability will remain. And if you ever revisit the U.K. you will be required to settle it. Very silly to think you can just run away.
@imconfused1237
@imconfused1237 Месяц назад
@@basbenny7369Nope, wrong. Your tax liability doesn’t magically dissolve just because you renounce citizenship 😂
@BSJWright
@BSJWright Месяц назад
Good luck avoiding the extradition from the Philippines. Dude pay your damn taxes like the rest of us
@BSJWright
@BSJWright Месяц назад
@@basbenny7369you’re still liable up to the point at which your citizenship is revoked. Sorry to burst your bubble
@rossward7801
@rossward7801 Месяц назад
Your only chance to escape rampant inflation and fulfil the dream of owning a property is to invest your income, the proceeds from which are to be taxed nearly HALF? The parties do not see that there is a generation of people who literally cannot afford to have the purported "basics" of home ownership under such rules unless they have colossal outsized returns. I don't think this is a feasible arrangement for me or my family.
@rossward7801
@rossward7801 Месяц назад
p.s. thanks so much for the video james
@PabloTBrave
@PabloTBrave Месяц назад
Embracing tokenisation and pro crypto arent the same ... Crypto and cbdc are not the same , they could easily be referring to the later only. CGT is also certain to go up. Labour has stated eorking people dont having savings or investments so its all fair game
@cryptosrichboy1064
@cryptosrichboy1064 Месяц назад
Purpe 🚀
@ghosh14
@ghosh14 Месяц назад
Raising CGT will create an army of British hodlers
@exitnightenterlight5327
@exitnightenterlight5327 Месяц назад
The bottom line if your not politically engaged then get engaged. Vote for pro crypto parties.
@AboutHouseMusic
@AboutHouseMusic Месяц назад
Tax implications for crypto enthusiasts are looking quite brutal here in the UK... enough to consider living elsewhere. The rules and regulations make acquiring crypto a massive challenge to begin with.
@georgep2222
@georgep2222 Месяц назад
We need a way to safely borrow against crypto holdings, it is the game the super rich play.
@PinkDragon101
@PinkDragon101 Месяц назад
Is it safe for now to invest in physical gold and silver?
@tombinkley2688
@tombinkley2688 Месяц назад
Buy gold sovereigns, VAT and Capital gains tax free.
@parapilot09
@parapilot09 Месяц назад
For now!
@BSJWright
@BSJWright Месяц назад
And you won’t get the same returns you’ll get in crypto
@alertbox
@alertbox Месяц назад
This video seems muddled to me. Crypto and central bank digital currencies are completely opposite to each other. Crypto is oitsise of government control, CBDC is inside. Labour's Financing Growth document is promoting CBDC, not crypto.
@Murubbi78235
@Murubbi78235 Месяц назад
Love from bangladesh sir
@tombrown1515
@tombrown1515 Месяц назад
Pretty hopefully it won't go to 45% that'd be the highest in the world
@BSJWright
@BSJWright Месяц назад
No, Canada is 60%
@hassandiallo5326
@hassandiallo5326 Месяц назад
Thanks once again James, how would uk Binance users pay tax if they cannot withdraw £GBP?
@jameskay428
@jameskay428 Месяц назад
You could use another exchange if you needed GBP
@peterbergman2131
@peterbergman2131 Месяц назад
I thought one of the main advantages of crypto was the fact that there is no need for banks or politicians to be involved.
@imconfused1237
@imconfused1237 Месяц назад
Whilst fiat remains ‘money’, so will banks. They act as the intermediary. No harm in accumulating crypto but if you wish to spend it, the off-ramp interacts with trad-fi fiat. Of course the solution as it were is to move away from fiat. However, that is never going to happen as it provides the banking system with the control mechanism it desires. As crypto folk, we all understand the corrosive, inflationary effect of fiat. However, within banking circles, that IS viewed as a benefit. And that circle isn’t going away any time soon.
@BSJWright
@BSJWright 28 дней назад
@@imconfused1237 of course there are various cards available that allow you to spend your crypto but those are essentially sales of the tokens and the exchange (or other intermediary) then goes through the fiat system to facilitate the purchase of whatever it was you were buying. They don't work with things like passport applications though, so a way to go yet
@valuetraveler2026
@valuetraveler2026 Месяц назад
There is one uniparty. If you are not at that level of understanding, then how you gonna win?
@Rob........811
@Rob........811 Месяц назад
I find it hilarious that people think politics decides about what happens in financial markets ect.
@imconfused1237
@imconfused1237 Месяц назад
On 24/06/16, Sterling lost 10% to the Dollar and 7% to the Euro. That was the morning after the EU Referendum. Hilarious ay?
@Rob........811
@Rob........811 Месяц назад
@imconfused1237 I'm afraid your thinking backwards, do you really believe the market participants didn't know or even believe the UK was going to leave. My point is the financial world and especially the people that own it, Jp Morgan, Blackrock ect are years ahead in there planning and the politics side of it is to keep stupid people arguing amongst themselves, thinking they are voting for these outcomes. What do you think will arise from the current wars?
@afraprincess7517
@afraprincess7517 Месяц назад
Hmmmm
@isiahmed9299
@isiahmed9299 13 дней назад
What is the latest UK restriction which for example is causing Kraken suspending Futures for UK traders?
@jameskay428
@jameskay428 13 дней назад
I would suggest checking out this video I did on crypto derivatives as to the likely reason: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-sVNnUpcdixY.html
@unimposings
@unimposings Месяц назад
is nico omilia Pro Crypto?
@robinrdale8318
@robinrdale8318 Месяц назад
Labour want to bring in their own digital currency like a Chinese style one along with digital id
@jamiebryant1144
@jamiebryant1144 Месяц назад
Who the fuck is Richie sunak 😂😂😂
@greegp7400
@greegp7400 Месяц назад
Till to 3k £ you no need pay tax I think or I'm wrong
@BSJWright
@BSJWright 28 дней назад
£3k of gains in any one tax year, yes. If you have losses you can offset those for a few years (I forget how many but I can check)
@jomtien8240
@jomtien8240 Месяц назад
What is the capital gains tax for any amount under £100,000
@BlackBeltNob
@BlackBeltNob Месяц назад
Currently 10% up to £50k, 20% for anything after £50k
@jameskay428
@jameskay428 Месяц назад
Remember that this includes your taxable income
@AboutHouseMusic
@AboutHouseMusic Месяц назад
Where crypto is concerned, do they tax the total amount you've made or just the amount you specify during off-ramp?
@gordon7904
@gordon7904 Месяц назад
@@AboutHouseMusiceverything you have made. Any trade in crypto is treated as a sale that could be hit with CGT. So simply converting one coin to another
@AboutHouseMusic
@AboutHouseMusic Месяц назад
​@@gordon7904Thanks for your response.
@apc4884
@apc4884 Месяц назад
Labour want CBDCs. Enough reason alone not to vote for them.
@BSJWright
@BSJWright Месяц назад
When you earn over £100k, you start to lose your personal allowance. Assuming Labour aligned CGT with IT, this might affect the allowance for CGT also. Aligning CGT with IT is also unfair because people have risked their own money in investing in assets (not just crypto). That’s one reason why CGT is lower rate than IT. This is the problem with these parties that seem to think they have the solution to government funding and they think the answer is to bring CGT up. Farage is into crypto though from watching and listening to his interviews with Rob Moore. He doesn’t agree with CBDCs either, so that doesn’t align with what the Reform party line seems to suggest
@imconfused1237
@imconfused1237 Месяц назад
If you’re earning over £100k, you’re doing pretty well for yourself. You have a level of wealth which doesn’t require an “allowance”. How do I know? Earning just under £140k, I am in that position. The “allowance” is of trivial relevance to me; indeed, I donate more than it.
@BSJWright
@BSJWright Месяц назад
@@imconfused1237yes, and that’s what people don’t undrestand about the tax system. They miss the point that as we earn more we pay more tax and our personal allowance is gradually abated after £100k. My point is though that I am risking my money investing in something that could go to zero. Many investments (again, not just crypto) do go to zero, so a lot of money is lost by investors, even good ones. So CGT is a lower percentage than IT in part because of that risk, and that’s why I think it’s unfair that some of these politicians want to increase it to the same levels as IT. If I’ve risked my own money I don’t think it’s fair because I could lose 100% of that money. I should not have to pay the government the same as I would if I was trading my time for income. Doing this will not only cause people to leave the country, it will also stifle investment because people will not want to put money into businesses if they know they will be taxed a lot more when they sell their investments. They are just doing it to try to get votes and if they follow through on it this country really be in trouble
@catalyst2155
@catalyst2155 Месяц назад
The choice is simple if you're crypto investor, vote REFORM.
@JordanHexican
@JordanHexican Месяц назад
The choice is simple if you've had enough of the 2 party shit show...Vote Reform
@catalyst2155
@catalyst2155 Месяц назад
@@JordanHexican Well that also! However, important to say that the other alternative parties are all Socialists like the Socialist infiltrated Tories we've had in power for 14 years. We haven't had a Conservative government for a very long time.
@timford4873
@timford4873 Месяц назад
You're poll is very wrong 😂
@savcap1
@savcap1 29 дней назад
Labour want CBDC’s nothing more!
@vijyendrasingh6373
@vijyendrasingh6373 Месяц назад
Can capital gains tax change in this tax year? 2024-2025?
@HaRdCrAsS
@HaRdCrAsS Месяц назад
No, that would take place (if it happens) on the next tax year, as far as I know.
@vijyendrasingh6373
@vijyendrasingh6373 Месяц назад
Scary how all are planning to change/increase capital gains tax. Sounds like Conservatives have the best way forward for Crypto enthusiasts.
@ijustwanttoaskaquestion106
@ijustwanttoaskaquestion106 Месяц назад
I do not know, it would not surprise me at all if they brought it in for this tax year.
@HaRdCrAsS
@HaRdCrAsS Месяц назад
@@ijustwanttoaskaquestion106 don't know what's the law. But, since we are well within the tax year 2024-2025 it would sound to me a pretty illegal thing to do that at this point. But I cannot confirm 100%
@ijustwanttoaskaquestion106
@ijustwanttoaskaquestion106 Месяц назад
@@HaRdCrAsS I hope you are right in your thinking. As you say, we are almost 25% through this tax year but the government and politicians are well aware that a lot of UK residents will be making some CGT from Crypto investing/trading this tax year and the next one.
@Fernando-gt5jt
@Fernando-gt5jt Месяц назад
Sorry but I’m not getting involved with anything called Myna
@spiritusinfinitus
@spiritusinfinitus Месяц назад
Read the book The Sovereign Individual. HODL Bitcoin only. No crYptO or CBDC. Wait.
@omnipresencetv8929
@omnipresencetv8929 Месяц назад
if FARAGE wins a majority Crypto dominance is pretty much in the bag. City of london will gaine a monopoly really quickly and CBDC backed by a already established network of processes thanks to ripple net it has to happen next friday. the result would be like winning the lottory for some of us
@imconfused1237
@imconfused1237 Месяц назад
Thankfully, there is more chance of Shergar winning the Monaco Grand Prix, than Reform winning a General Election.
@omnipresencetv8929
@omnipresencetv8929 Месяц назад
dumb comment but ok. they just need enough to block any Exit from brexit and any taxation on crypto and other things Labor is the party of slavery, 100% taxation dudes want us to bring them in to ww3 with out a firm punishment for treason these vile losers are going HAM on destroying our way of life.
@EUCScotland
@EUCScotland 28 дней назад
Applied for portuguese visa... Fuk dat.... Crypto is a zero sum game so what about the losers?
@chamindakumara6378
@chamindakumara6378 Месяц назад
Hemule Hemule Hemule Vitalik cat ❤❤❤10000x and pay 40%😢
@ayylmao9907
@ayylmao9907 Месяц назад
It’s misleading to say 45% like it’s nearly half of 100k you’re taxed. It’s 45% off the remaining amount left over from what’s been calculated by the previous bands, so it’s not 45k tax it’s actually 45% of whatever is left over from all the above bands which is nowhere near 45k. Sure it’s still a lot but it’s not the same. I thought capital gains tax was seperate bands from taxable income? I’m in Scotland where the bands are a little different so sorry if I’m wrong but just wanting to check. Cause anyone seeing this a panicking you can work it out and I bet it won’t be too crazy what you need to pay it just sounds really bad. Edit - I mean misleading in the sense that people see that and don’t understand how the bands work not that you’re trying to mislead people btw :)
@BSJWright
@BSJWright Месяц назад
CGT is separate from income tax but the rate you pay for CGT is determined by the maximum rate of income tax you pay. So currently if you are a basic rate tax payer you would pay 10% CGT on gains above the annual allowance. If you’re a higher or additional rate tax payer for income tax you will pay 20% CGT. There are some exceptions but this is a simplistic view. What they are saying though is that they want to make the CGT you pay to be the same as income tax. So if you’re a basic rate taxpayer you would pay 20% on all gains above the annual allowance. If you’re a higher rate tax payer it would be 40%, and an additional rate tax payer would pay 45% (yes, 45% of £100k is indeed £45k). This is on everything above the annual allowance which is £3,000 this tax year. We are not considering offsets against previous tax losses etc for this, it’s an illustration of what it would look like. Scottish rules may be different after they make their changes and I know the bands are slightly different to the rest of the UK but I would imagine they will try to make the CGT rates aligned
@BSJWright
@BSJWright 28 дней назад
@ayylmao9907 I saw your question and I couldn't see it somehow - yes, you deduct the £3,000 from your total gain if it's above £3,000 and that's what your taxable gain is. If you're not working then CGT should be 10% on your gains. So, as an example if you've gained £53k during the tax year, your taxable gain will be £50k. You pay 10% as you don't have a job (essentially in the lower income tax band), so your tax on that would be £5k. If Labour were to align CGT to income tax that would likely become 20%, so your CGT payable would then become £10k on the same gains, and assuming they didn't move the allowances at all
@healthwealthgurus
@healthwealthgurus Месяц назад
The worrying thing is people think we are in a bull run, but we topped in April. Alts will fall to zero and crypto will be in a 2 year bear from August !
@gixxer7907
@gixxer7907 Месяц назад
You could be right but imo the main gains of this bull run is just about to start in a few months. Ethereum ETF's go live 2nd of July and going on past cycles the market gains momentum about 6 months after the bitcoin halving so would be October this year... I'm hoping for a 4-5x and I'm out
@healthwealthgurus
@healthwealthgurus Месяц назад
@@gixxer7907 there is absolutely no possibility of that happening. Alts may move, but slightly. Put it this way. Imagine you had a portfolio 75% BTC 25% alts. In the best case it moves 10 percent and then crashes fast 80 percent this year ! And you won’t catch the top. Just trapped in the bottom. There is no way in hell a 25K bag turns into 100 k lol not a chance. And this year is gonna be the year that breaks the cycle. The world events will cause a perpetual bear 🐻 the market is over and crypto is the first to fall ! Pensioners are exiting fast now from the BTC ETFs. It’s all over Twitter! It’s toast
@imconfused1237
@imconfused1237 Месяц назад
Gibberish. Post-halving, Bitcoin always trades sideways usually consolidating a previous ATH. That is the phase we’re in. The secondary phase involves the impulse to a significantly higher ATH, usually at least a 2/3x. The third phase involves an ≈ 70% retrace.
@jameskay428
@jameskay428 Месяц назад
I have done two videos here on the historical price of BTC looking at halvings, all-time-highs and when they have taken place etc. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ycMHU-NPfnI.html ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE--wBrSebYPY0.html
@healthwealthgurus
@healthwealthgurus Месяц назад
@@imconfused1237 you clearly are still Confused. Let me update you! It’s all gong to ZERO. Faster than a human being jumping without a parachute 🪂 ZERO
@3DJay429
@3DJay429 Месяц назад
If you value your crypto, please don't vote labour. Vote Reform
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