Rent by Bitcoin?
Okay everybody; how about this one?
Bitcoin is a speculation. And therefore possibly non taxable.
Indeed, Australia have announced that from July Bitcoins are accepted as part of their payment system and is non taxable. And that should be the same worldwide. Just accept this as read.
As a Landlord I now demand my rents to be paid by the tenant in Bitcoin and this falls outside the HMRC.
- I could convert my bits to sterling to pay my mortgage? Yes indeed.
- If I am wealthy enough I let can fund my mortgage from my day job. So HMRC might argue that the tenant is getting a benefit in kind and tax the person accordingly which the Landlord could compensate from the bitcoin.
- Convince the mortgage company to accept Bitcoin or.... open a Goldmoney account; they accept Bitcoins into their Dubai account which is then transferred to your nominated bank account. Send this back to Goldmoney into their Toronto vault. Once there you can load up on your Goldmoney MasterCard which every institution accepts. Goldmoney is actual storing your money as gold. And you pay out in gold. No tax on that.
But have I missed anything? There is no legislation here yet on bitcoins.
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