Cash withdrawal on crypto in the UK

[pma995]

Normal way to cash out crypto, send crypto from hardware wallet to exchange > swap to fiat > send to bank account.

I live in the UK and only have UK citizenship/tax residency in the UK so obvs will have to pay 24% CGT on any of the gains.

Is there a process for me cash out my crypto in a country where there is less or even no tax for me to pay and I keep all my profits but legally? Saying this, I don't really want to move anywhere abroad I want to stay in the UK.

I think there is a way to do this legally and there are millionaires/financially free people who can help me this so I thought I would ask here.

 

[daniels27]

I think we could set up a family office for you and then trade for you. That family office could then make capital gains that are not taxble and reinvest into any assets. However, if you wanted to use the money, you would still need to pay UK tax.

 

[pma995]

I think we could set up a family office for you and then trade for you. That family office could then make capital gains that are not taxble and reinvest into any assets. However, if you wanted to use the money, you would still need to pay UK tax.

Imagine you invested say £50k into cryptocurrency in one year and you made profit of £20m. You would have to pay 24% CGT on £19,950,000 for that year which is £4,788,000. You are still left with £15.2m so even after tax your profit is insane and you can do a lot with that money so I would have no problem doing that.

Lets say you invested £50k and in one year I made profit of £3m which is basically with the cryptos I have I expect to have around that much soon and I will, I would have to pay £708k in tax leaving me with £2.3m of profit left. That is a massive chunk of money to pay in tax and will feel like an absolute robbery especially when you are an average person who has never seen that kind of money before so I am just trying to make you understand why I would ask something like this.
I am not implying tax evasion, I just want to see if there is a way of any relief or to pay less tax in a jurisdicition which will allow me to keep a large portion of profits.

Do you think getting mentor group membership will help with this?

 

[W Fish]

I think there is a way to do this legally and there are millionaires/financially free people who can help me this so I thought I would ask here.

Yes there are.

 

[wellington]

Normal way to cash out crypto, send crypto from hardware wallet to exchange > swap to fiat > send to bank account.

I live in the UK and only have UK citizenship/tax residency in the UK so obvs will have to pay 24% CGT on any of the gains.

Is there a process for me cash out my crypto in a country where there is less or even no tax for me to pay and I keep all my profits but legally? Saying this, I don't really want to move anywhere abroad I want to stay in the UK.

I think there is a way to do this legally and there are millionaires/financially free people who can help me this so I thought I would ask here.

You are usually still taxable after you leave the UK for a period of time, and even if you return within a period of time you are taxed.

So no, you are fucked, pay HMRC and be thankful you didn't get rugged on some shitcoin.

 

[pma995]

You are usually still taxable after you leave the UK for a period of time, and even if you return within a period of time you are taxed.

So no, you are fucked, pay HMRC and be thankful you didn't get rugged on some shitcoin.

No no no please help me with this. I do not plan on leaving the country in any way I want to stay in the UK.

You can't get rugged on a shitcoin if you know what you are doing so that would've never happened to me. Crypto is the easiest way to make money you just need to be able to handle the volatility and have some patience.

Please let me know if there are any other options for me this is OCT so there must be.

 

[JohnnyDoe]

There’s a reason why everyone who is not destitute is leaving the uk.

 

[CyprusLawyer101]

Its possible you could cash out tax free. Did you make your gains trading or just once off investing ?

 

[pma995]

Its possible you could cash out tax free. Did you make your gains trading or just once off investing ?

Investing no trading - I have been investing for the past 2 years but I would just take a portion of my wages every month and put these funds into crypto but because I have been doing it for a while it has added up. I have not cashed out yet though.

 

[pma995]

There’s a reason why everyone who is not destitute is leaving the uk.

Yes I am starting to see why, do you think what I want to do is possible?

 

[JohnnyDoe]

Yes I am starting to see why, do you think what I want to do is possible?

Legally, no.

 

[forward]

just do the otc into the offshore entity, plenty of info on this forum, what's exactly is your painpoint ?

 

[daniels27]

Imagine you invested say £50k into cryptocurrency in one year and you made profit of £20m. You would have to pay 24% CGT on £19,950,000 for that year which is £4,788,000. You are still left with £15.2m so even after tax your profit is insane and you can do a lot with that money so I would have no problem doing that.

If you were him, you would feel robbed too.

 

[pma995]

just do the otc into the offshore entity, plenty of info on this forum, what's exactly is your painpoint ?

My problem is that I am a beginner have read a few things on otc so I have an idea but I don't know the steps to do that.

 

[CyprusLawyer101]

Investing no trading - I have been investing for the past 2 years but I would just take a portion of my wages every month and put these funds into crypto but because I have been doing it for a while it has added up. I have not cashed out yet though.

Thats good. UK has some rigorous tax rules, but I should be able to structure it through at minimum risk. Let me know if you want to chat, and I can dm you.

 

[daniels27]

My problem is that I am a beginner have read a few things on otc so I have an idea but I don't know the steps to do that.

You need to look for a crypto friendly jurisdiction, incorporate and then move the cryptos there. Then ensure that you do not run into any tax risk in the UK.

 

[pma995]

Thats good. UK has some rigorous tax rules, but I should be able to structure it through at minimum risk. Let me know if you want to chat, and I can dm you.

Hi, yes thank you, happy to go through this in dm's.

 

[wellington]

n't get rugged on a shitcoin if you know what you are doing so that would've never happened to me. Crypto is the easiest way to make money you just need to be able to handle the volatility and have some patience.

1) If you shift the funds to a offshore corp = you need to pay tax in the UK as you are divesting of the assets.
2) If you shift the funds to a OTC who deposits into a offshore corp or offshore bank you need to pay tax as its divesting.
3) If you leave, within so many months/years you have taxable impact (no exit taxes currently but there is a period/buffer for tax claims).
4) If you return after offloading you have a welcome tax.
5) if you think you can outsmart this, you can not, you have tax, pay it, next time do what most of us did a decade ago and move to a tax free country, low tax country, low cap gains/zero cap gains country or territorial tax country.

Anything else is tax evasion (or conspiracy), thus money laundering.

End of discussion for me.

 

[cherry]

Anything else is tax evasion (or conspiracy), thus money laundering.

Otherwise known as protecting your money from being stolen.

 

[daniels27]

Otherwise known as protecting your money from being stolen.

Correct. But OP seems to like the social welfare etc. he is getting in UK. We are still in a free market. If everybody would move out, they would lower taxes.

Saying this, I don't really want to move anywhere abroad I want to stay in the UK.