Join Today
Results 1 to 4 of 4
  1. #1

    Money Laundering - Banks & Bitcoin

    So, Bitcoin is rocketing.

    How much can I put into my bank from bitcoin sales before the bank is obliged to notify the inland revenue?

    And How much tax would I pay on this if it is classed as a Capital Gain?

  2. #2
    You should assume HMRC can see everything you do financially, or your being naive. You should also pay your capital gains tax.

    Keep/get good records and proof of the price you paid when you bought the bitcoin you are now selling.

  3. #3
    Your thread title says money laundering but receiving large amounts of bitcoin proceeds from bitcoins you purchased and sold yourself is not in itself money laundering unless, for example:

    - the person to whom you sold the bitcoins paid you with the proceeds of crime or for example as part of a terrorist funding operation.

    - or if you make gains that you don't declare to HMRC and pay tax on when you should, a portion of your cash balances will become the proceeds of tax evasion and therefore the storage of those criminal funds and movement of them through bank accounts as if they were innocent funds would be money laundering.

    Money laundering does not get reported by banks to HMRC, but they can file a suspicious activity report to the National Crime Agency for any amount they like. If their expectation is that your 20k net salary gets deposited into your account each year with less than 2k a month of credits in your accounts and you have modest spending patterns, and then suddenly your receive 5k to 50k for a couple of weeks in succession and immediately move it out of the account, their algorithms that tell them to be curious might make them be curious.

  4. #4
    Many thanks everyone for the replies....

    '11.3k capital gains exemption' - does this mean that I can effectively get 11.3K gain each year without paying tax on it....??


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts