Replying to Avatar mike

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
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BlackCoffee 1y ago 💬 1

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?

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mike 1y ago

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.