I have invested £10,000 in bitcoin on May 2014 from personal account and now I am planning to sell and expecting £90,000.
I have some of the bitcoins into a crypto currency project as a speculative buy and also used those bitcoins on crypto exchanges to trade bitcoin and other crypto currencies. This is similar to the Spread betting.
I am contractor and running my own limited company where I am drawing salary and divided sum of £45,000 for the year.
Selling of bitcoin will triggered any capital gain? As I believe any gain from speculative activity is exempt for capital gain purpose.
If I will sell bitcoin in £90k what will be my capital gain and tax liabilities?
Is there any way I can mitigate this liabilities?
Does offshore trust or bank account help to mitigate the liabilities?
It will be better to do this as individual or create a new limited /Investment Company registered somewhere.
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