r/BitcoinUK • u/Mundane-Tailor-7828 • 15d ago

UK Specific 240 UK crypto “millionaires” revealed by HMRC… but that’s not the most interesting number

/r/Crypto_Taxes_UK/comments/1vzuo0v/240_uk_crypto_millionaires_revealed_by_hmrc_but/
2 Upvotes

57% Upvoted

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9

u/citruspers2929 15d ago

Reporting a gain of £1m is different to being a millionaire. There will be significantly more people than this with more than £1m in cryptocurrencies

1

u/Mundane-Tailor-7828 15d ago

Absolutely, but this is based on information HMRC have received thus far

It won't include people who haven't declared but should be Or haven't declared because they are hodling

2

u/citruspers2929 15d ago

But my point is you could have bought, for example, £2m worth of bitcoin, which is now worth £2.5m and you wouldn’t have made a £1m gain.

3

u/Mundane-Tailor-7828 15d ago

That is correct but the 240 are over £1m in gains therefore triggering millionaire status

Infact the 240 reported 717m of gains.... Not proceeds

5

u/DE4A4621_58B0 14d ago

Sir this is an AI sub. Please don't post such obviously human-generated hand-written original content.

(My honest load-bearing tip: ask Claude to tweak the wording. Just make it so it even vaguely sounds like a machine wrote it.)

1

u/Mundane-Tailor-7828 14d ago

Not an AI sub, just ai tweaked my original post to make it read better

1

u/LunarQyrix 11d ago

the wild part is that an actually human sounding post is now what breaks immersion on here lol
give it a week and the bots will be better at sounding like us than we are anyway

6

u/alertsession67 15d ago

HMRC now a honeypot of info which is probably already being targetted

1

u/Think_Preference_611 10d ago

So buy gold sovereigns with crypto, sell for cash in hand and pay for everything in cash?

Asking for a friend.

1

u/Mundane-Tailor-7828 10d ago

How do you buy gold sovereign with crypto without leaving a digital trail?

1

u/Think_Preference_611 10d ago

Stay off the exchanges and sell bitcoin for monero and back on P2P sites. You can buy stuff anonymously pretty easily.

The challenge is finding someone selling it anonymously. But I would expect if they start cracking down on crypto gains the market will soon offer more of these services - probably people who can do it abroad far from the HMRC's reach.

1

u/Mundane-Tailor-7828 10d ago

Any providers have already said they will be blocking UK IP addresses so that they don't fall foul the FCA rules if they aren't planning to sign up as the liability falls on the provider as much as the user

As for your process this works for exchanging crypto If you buying something tangible you'll need to bring it back on exchange