Question for UK non Dom - Crypto

[CryptoFriend]

Hi everyone,

Maybe someone has some insights regarding non domiciled individuals in the UK:

As far as I understood, is pretty simple to become non domiciled by just choosing the be taxed on remittance basis when filing the tax returns, naturally you need bank accounts outside of the country to seperate the capital.

• If you are a professional Trader and have a non UK Broker e.g IBKR in Luxembourg/Ireland and you dont remit that money to the UK you dont have to pay Capital Gains.
• Apprently there is some opinion by the financial authority that crypto needs to be taxed in the UK, but if you trade on a foreign exchange (e.g Binance or FTX) and dont do the custody by yourself this should also be not subject to be taxed in the UK? Or what happens if IBKR opens crypto trading (which they will sooner or later).

Would be great if somecone could give feedback on my thinking.

best regards
CryptoFriend

 

[CyprusLawyer101]

Hi Cryptofriend!
The poaition of the UK is rather transparent as to the taxation of cryptos.
There appears to be a way in which a crypto investor can create the necessary environment whereby conversion od crypro to fiat remains untaxed.
if you would like to discuss further on this feel free to PM me.
Best,
Lawyer101