BREAKING: Rachel Reeves considers raising capital gains tax to 39% in the UK 🇬🇧
“Rates of 33% to 39% being tested as Treasury source says tax-raising plans are in ‘complete disarray’”
Go and take your wealth where your capital is treated best. #Bitcoin
https://www.theguardian.com/uk-news/2024/oct/10/rachel-reeves-capital-gains-tax-rise-budget
Total insanity. They are destroying UK.
I’m off
They going to come for your bitcoin next
Yep.
To leave the UK tax system, I currently have to pay 20% capital gains tax on unrealised assets.
i.e. I have to sell 20% of my Bitcoin, to pay the CGT I would have paid if I'd sold 100% of my BTC.
It looks like this is going up to 39%
FFS
I was under the impression that if you become tax resident in a non UK jurisdiction, there's no tax like thos. Am I incorrect?
This is an exit tax, once paid I then pay tax in the new jurisdiction and no longer have any obligations to the old jurisdiction.
The problem is, I've never sold any Bitcoin, so while I have on paper, made huge gains, I've never realised those gains.
If I wish to leave the UK tax system, I have to pay 20%, soon 39% tax on those unrealised gains.
