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Bitcoin WARNING: UK braced to CRACK DOWN on tax-dodging BTC investors | City & Business | Finance

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HMRC yesterday issued the largest crypto tax advice document in the world – a whopping 4,400 words – detailing how investors making money with cryptocurrency should be paying tax on their profits. It signals the government’s intention to embrace the likes of bitcoin, Ethereum and Ripple from 2019 as they become more popular with the British public. It also flags a desire by the tax office to cash in on a secretive and elusive market thought to be worth billions. It is understood that the Bank of England has been looking hard at exploring opportunities with cryptocurrency for several years, and that the government has pushed select committees into examining what role cryptocurrencies can play in the UK economy. 

For now, however, HMRC officers have been tasked with cleaning up the industry before the government can press ahead with future plans.

The sudden hard-line stance has been applauded by some of the country’s leading academics in crypto finance.

Professor William Knottenbelt, Centre Director of Imperial College London’s Centre for Cryptocurrency Research and Engineering, said: “It’s going to get very uncomfortable for the bad guys, and a whole lot better for the good guys. 

“It’s long overdue, and I think the government has spent a long time working out what its relationship should be with decentralised technology that could then be taxed.”

Professor Knottenbelt explained the move also paved the way for more regulation across an industry largely viewed from the outside as lawless.

He said: “There has definitely been a general increase in regulation and identity checking across the industry, and that shouldn’t be seen as a bad thing because if you’re a bad actor with a lot of crypto hidden out there, you’re now going to have a very hard time moving it around.

“This should be seen as a very positive development, as in the space is being cleaned up a lot.”

The top academic suggested the government would be keen to explore further uses for blockchain – the underlying technology of cryptocurrencies – as it would actively assist with forensic accounting techniques.

He said: “Blockchain technology logs everything like a crime scene – nothing escapes it.

“Far from being a murky and dirty space, a lot of the properties of blockchain allow you to operate a cleaner market.” 

His views were echoed by another highly respected figure in UK cryptocurrency and FinTech, Professor Carol Alexander.

Professor Alexander, who is Leader of the Crypto Market Risk Group at the University of Sussex, said: “It is good news that the UK tax authority is leading the world for individual investors – although FINMA – the Swiss authority – already issued guidelines for institutional investors almost a year ago.

“It seems clear that capital gains tax will be applied to individuals, with no additional taxes.

However, what is not yet clear is whether the many traders that have lost 90 percent of their investment over the last year will be able to offset the loss against capital gains on traditional assets such as US equities.”

Although unable to address Professor Alexander’s concern, a spokesman for HMRC said the body was working hard on “our understanding of this complex area”.

The spokesman said: “This new guidance will help people better understand the tax implications from the buying, selling and holding of crypto assets.

“For the individuals that may have invested small amounts into ‘cryptocurrencies’, it is very unlikely they will have to pay any additional tax.”

Although welcomed by experts keen to see the industry cleaned up, Professor Alexander did suggest the guidelines were wide open to abuse.

She said: “We need clarity on how HMRC aim to overcome the challenge of pseudo anonymous trading on exchanges having poor KYC (know your customer) practices.

“Are they going to restrict lawful trading to Coinbase and the handful of other exchanges with traceable wallet addresses?

“If not then it will be very simple for ordinary investors to hide profits from HMRC.”

Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.

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Prima Wireless Earbuds Reviewhttps://primawirelessearbuds.net/.

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What Make Sure You Really Know Right Anyone Decide To Travel

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When traveling with children advised plan your route in advance. Do a little research and see as relevant and fun places to stop such as parks, museums or other attractions. Once you take breaks every non-chemical hours so everyone maybe even including the children probably get out and stretch their legs.

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Majority of Canadian workers willing to take less pay for a workplace pension plan: survey

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A majority (70 per cent) of Canadians say they’re willing to forgo a higher salary in exchange for a workplace pension plan, according to a new survey for the Healthcare of Ontario Pension Plan by Abacus Data.

The survey, which polled more than 2,000 Canadian adults in April, signals an opportunity for employers to build back the post-coronavirus pandemic working landscape better by expanding access to good retirement plans — whether they’re defined benefit, defined contribution or group registered retirement savings plans, says Steven McCormick, senior vice-president of plan operations at the HOOPP.

According to the survey, a secure retirement remains of greater concern for Canadians than concerns about their health, debt load and job security. McCormick says this has been a consistent worry the HOOPP has seen in survey results over the past couple of years. Nearly half (48 per cent) of respondents said they’re very concerned about having enough money in retirement, while 31 per cent were highly concerned about their personal debt load and 26 per cent cited their job security. Close to half of respondents expressed high concerns for their physical (43 per cent) and mental (40 per cent) health.

In addition, the pandemic has harmed the finances of more than half (52 per cent) of Canadians’ surveyed and it’s had a particularly disproportionate affect on the finances of younger adults. Adults aged 44 and younger said they’re twice as likely (25 per cent) to have had their finances greatly harmed, compared to those over the age of 60 (12 per cent).

Generally, younger adults tend to work in roles that may have been impacted most by the pandemic, says McCormick, whether in service industries that were shut down or frontline health care that have been busy but don’t always come with access to a pension plan. “Affordability is an issue, so I think their worries increased during this time.”

And while almost half (46 per cent) of Canadians surveyed said they’ve saved more money than they would have since the onset of the pandemic, among these respondents, over half (52 per cent) didn’t put any of their savings toward their retirement. Overall, most (63 per cent) Canadians surveyed haven’t set aside or saved anything for retirement in the past year, a five-point increase since 2019.

McCormick says this may be due to uncertainty or hesitancy about whether people’s immediate needs outweigh longer-term needs. And with 55 per cent of respondents noting they were very concerned about the cost of day-to-day living, he adds that rising prices have fuelled insecurity and worries so people are creating their own emergency funds right now.

While there’s a segment of the population who’ve saved more and, for them, the pandemic has created wealth, he doesn’t see this as a common narrative in the survey data. “If you don’t have access to a workplace pension or the opportunity to have things like automatic enrolment, the uncertainty of the time may have you holding onto money,” says McCormick. “In Ontario, we’re more optimistic about the pandemic than we were maybe a month ago, but there are still people worrying about whether there’ll be a fourth wave.”

In addition, more than two-thirds (67 per cent) of respondents said a retirement crisis is looming and 65 per cent said saving for retirement is prohibitively expensive. It’s a common and shared dream for many people in looking forward to a secure retirement, says McCormick, noting for many, making that dream a reality remains elusive.

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