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Bitcoin


A cryptocurrency, designed to act as money and a form of payment, removing the need for third-party involvement in any financial transaction. Note: In the UK, they are taxable.

When do I pay tax on my earnings related to bitcoin?

If you mine bitcoin, this will fall under the purview of income tax. If you sell bitcoin for profit, you will pay capital gains tax.

If you make a loss, you can “offset” or “carry the loss forward” to the current tax year or the year after. Note: You’ll need to file a self assessed tax return.

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