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Tax

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Comments

  • #52
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,100 Mod ✭✭✭✭AlmightyCushion


    noel100 wrote: »
    So if Sterling collapsed and 5050euros could buy a house in London worth 17million pounds why would you pay tax on it.

    The only tax you would incur there would be stamp duty to the UK on the new house you've bought. This isn't what people are describing above. A much better example would be if sterling drops in value and you decide to convert a load of euro to sterling. Then some time later the sterling price recovers and you either convert it back to euro or spend that sterling on something (buy a house for example. The difference in value between when you bought the sterling and sold it or spent it would be considered a gain and liable for tax here if you are resident here. Practically speaking, it's not something you need to worry about unless it's relatively large amounts of money. You're not gonna get revenue knocking at your door because the few hundred quid you converted for your holiday in England appreciated in value before you spent it. It's the same for bitcoin.


  • #53
    Mr. Fancypants
    Registered Users, Registered Users 2 Posts: 1,894 ✭✭✭Mr. Fancypants


    Casen Gifted Snakebite wrote: »
    Are you saying then that if I was to buy £20 sterling and spend it in the UK, that if sterling happened to rise between buying and spending that I should be declaring for CGT?

    First 1270 Euro profit isn't susceptible to CGT anyhow. Thread has been derailed somewhat.


  • #54
    nxbyveromdwjpg
    Closed Accounts Posts: 4,402 ✭✭✭nxbyveromdwjpg


    mbroaders wrote: »
    First 1270 Euro profit isn't susceptible to CGT anyhow. Thread has been derailed somewhat.

    I'm aware of that but let's say €2000 transaction then.
    - I'm not at any point changing it back to euro, but I have bought £2000 sterling with it.
    - Sterling to Euro value then goes UP.
    - I then spend the sterling in a UK retailer online.

    Are we saying that someone in such a scenario is liable for CGT on the sterling due to it's increase v euro, despite having spent it and having never exchanged it back for euro?


  • #55
    at9qu5vp0wcix7
    Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    While this isn't Irish, it raises a few interesting points:
    https://www.cnbc.com/2017/10/20/using-bitcoin-to-buy-a-sandwich-could-trigger-a-tax-bill-commentary.html


  • #56
    nxbyveromdwjpg
    Closed Accounts Posts: 4,402 ✭✭✭nxbyveromdwjpg


    Aminah Short Preschooler wrote: »
    While this isn't Irish, it raises a few interesting points:
    https://www.cnbc.com/2017/10/20/using-bitcoin-to-buy-a-sandwich-could-trigger-a-tax-bill-commentary.html

    That is almost the same scenario I am trying to outline above.

    What happens if I spend 500 on BTC, it goes up 10x and I now have 5 grand. And I then buy gold with that having never cashed out back to fiat.


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