I wanted to explain this post.
About a year ago, I became aware that to exit the UK tax system, you had to pay capital gains tax on unrealised assets,
i.e. the gains your Bitcoin have made even though you haven’t sold.
In the October budget, this CGT rate increased from 20% to 24%, I discussed this with my wife and we examined the UK government website on this in detail together to decide whether we wish to exit the tax system when we leave the UK. I had decided not to exit the tax system as a result.
The day I posted this, I had just come off the phone from an accountant in a foreign jurisdiction who was familiar with UK tax law as his job was helping ex pats move to his country and exit the UK tax system.
He told me categorically that there was no exit tax and I did not have to pay tax on unrealised crypto gains. I didn’t believe him, so I went back to the UK government website and he was correct.
The regulations have not changed and both my wife and I remember reading the UK governments website that stated we needed to pay tax on these unrealised gains.
This was the first Mandela effect. I have had 3 others since then.
I must sound crazy to a normie and possibly other Bitcoiners 😂
