Visa is partnering with over 50 crypto companies, including FTX and Coinbase. This means customers can buy from any merchant accepting Visa, even those who do not accept crypto.
It follows companies like Mastercard and PayPal who are making inroads in the crypto world.
Can you see yourself benefiting from this news?
100% no benefit in the U.K., just a tax nightmare since it exchanges for fiat, which is a taxable event
How does the tax side of it all work then? How much are you taxed? Are there any allowances/ limits before you’re taxed?
It comes under capital gains tax and and write-offs you can make from it
But the thing is, exchanging from crypto to crypto is also a taxable event
So a swap from ETH to BTC means you need to record the price for ETH and GBP at that moment and keep a record of that until the taxman legally can’t ask for it
imo it should only be taxable on fiat entry price and fiat exit price regardless of the swaps in-between
10-20% depending on your income bracket, my gains for this year will be taxed at roughly several hundred pounds
12,000 or so before you’re taxed on anything