Cryptocasino Help

[SYPlayer95]

Some new rules from HRMC about crypto:

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This would be irrelevant for UK, given the origin of the funds relate to gambling. No capital gains arise from it.

 

[Guntis]

Also good to know:

 

[interlog]

Also good to know:

Even if you have made on the crypto circuit because of casino winnings? If that is the case, you can surely offset the losses you also make?

 

[mulven]

When I made about £400k from crypto (not casino related) in 2021 I paid a fooooook ton of tax. I didn't do it properly though i just paid what I took out into FIAT (supporting evidence was just my coinbase transaction history). The alternative would be showing my profit and then all my losses and then filling out a ton of negligible value claims.

I just hope they are happy with their money as its the same amount they would have gotten just with less work on my part. Don't come after me i'm a good boy, i know many others who just risked it and didn't pay anything.

 

[Guntis]

Even if you have made on the crypto circuit because of casino winnings? If that is the case, you can surely offset the losses you also make?

From what i understand, the tax applies when you sell crypto for money and gain profit from it. Say if you won £10,000 worth of Bitcoin at a casino, then sold it and got £15,000, you would need to pay tax on that £5,000.

The same applies if you exchanged coins say BTC for XRP and gained some profit.

But there is a £3,000 (was £6,000) Capital Gains Tax free allowance, which means if you gained a profit of say £2,000 during the year from those crypto sales, none of it would be taxed.

In general, i think, it's not a problem for most. Just worth knowing how it works.

Here is that letter which she showed in the video:

icaew.com/-/media/corporate/files/insights/tax-news/20240724---letter.ashx

 

[Reelsoffun]

I understood it another way if you bought £1000 in crypto then put it into a casino won £10000 then crypto went up so you cashed out say 14000 the taxable part is actually 10000 ?

14000 - 1000 - 3000 allowance pay tax on the 10000 ? Plus maybe tax to pay on the 1000 due to goods and services?

I get that gambling in the UK is tax free but not sure they count any casino winnings paid in crypto as tax free winnings as no UK licenced casinos accept crypto ?

Confused

 

[Reelsoffun]

Also I had one of those letters from HMRC few months ago saying I owed tax, I just ignored it TBH, as assumed it was some sort of new scam.

 

[Guntis]

I understood it another way if you bought £1000 in crypto then put it into a casino won £10000 then crypto went up so you cashed out say 14000 the taxable part is actually 10000 ?

14000 - 1000 - 3000 allowance pay tax on the 10000 ? Plus maybe tax to pay on the 1000 due to goods and services?

I get that gambling in the UK is tax free but not sure they count any casino winnings paid in crypto as tax free winnings as no UK licenced casinos accept crypto ?

Confused

Essentially, this tax is all about capital gain - if you don't gain any profit from selling or trading your crypto, there is no tax.

As for your example, I think the taxable part would be £4,000, and HMRC only counts profits from the crypto's price changes.

Because people normally buy crypto with money and then trade/exchange with a goal to profit when the price goes up.

I don't think they can tax crypto casino winnings.

Say you deposited £100 into a crypto casino and won £10,000 in BTC.

Next, you decided to send it all to Kraken, Coinbase, or whatever.

These exchanges report these big sums to HMRC, as that woman from the video said. But so what?

You won it from your £100 in crypto by playing gambling games. It shouldn't count as trade, sale, or investment.

The tax would only apply if, after the sale, you got more than £10,000 - for example, if you sold it and got £10,500 due to the price increase.

 

[Ant1975]

I understood it another way if you bought £1000 in crypto then put it into a casino won £10000 then crypto went up so you cashed out say 14000 the taxable part is actually 10000 ?

14000 - 1000 - 3000 allowance pay tax on the 10000 ? Plus maybe tax to pay on the 1000 due to goods and services?

I get that gambling in the UK is tax free but not sure they count any casino winnings paid in crypto as tax free winnings as no UK licenced casinos accept crypto ?

Confused

I also thought that crypto casino winnings would be taxed the same, but it seems that's not the case.

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[mulven]

I also thought that crypto casino winnings would be taxed the same, but it seems that's not the case.

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Yep it wouldn't matter where and what you use to gamble, it'll be tax free .

Back when I was super into poker, I always rooted for all the 0% gambling tax players as they'd get to keep it all whereas the americans get shafted.

Thanks to tax treaties between the countries all ya gotta do is fill out an exemption form and you are all gud. If you won at an IRL casino in a random country that doesn't have a treaty with the UK but does have a tax on gambling you might have to pay though.

 

[justdoit]

I trade before and gamble on crypto, any profit on over £5k ( in year) on trading you need to pay tax, any gambling win is free tax, but you need to cashout from your wallet right away...if you keep on wallet and profit from your winning you need to pay tax.. I am talking about profit over 5k not £100...make sure you keep proof of all your big wins... you never know brown envelope could land on your door
best way to check HMRC forum not some YT videos

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[Guntis]

I trade before and gamble on crypto, any profit on over £5k ( in year) on trading you need to pay tax, any gambling win is free tax, but you need to cashout from your wallet right away...if you keep on wallet and profit from your winning you need to pay tax.. I am talking about profit over 5k not £100...make sure you keep proof of all your big wins... you never know brown envelope could land on your door
best way to check HMRC forum not some YT videos

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Yeah, you pay tax on capital gains; profits as you say.

But i think, tax would start from anything over £3,000 as there is a £3,000 tax free CGT (capital gains tax) allowance.

A couple of years back it was £12,300, then £6,000, and now £3,000.

 

[SlamRoyale]

Talking about crypto capital gains, in Singapore you can choose to pay the smaller capital gains tax every time you sell it to make profit, or treat it like a share. Sell it all at once, and pay a one time big fee. Most people choose this option, so never sell or sell 100%.

 

[Reefer]

From what i understand, the tax applies when you sell crypto for money and gain profit from it. Say if you won £10,000 worth of Bitcoin at a casino, then sold it and got £15,000, you would need to pay tax on that £5,000.

The same applies if you exchanged coins say BTC for XRP and gained some profit.

But there is a £3,000 (was £6,000) Capital Gains Tax free allowance, which means if you gained a profit of say £2,000 during the year from those crypto sales, none of it would be taxed.

In general, i think, it's not a problem for most. Just worth knowing how it works.

Here is that letter which she showed in the video:

icaew.com/-/media/corporate/files/insights/tax-news/20240724---letter.ashx

In America they even tax you for your sales on Steam market after you make 200 sales or 20k maybe changed now
I got the email years ago but since im uk it does not apply, maybe changed now

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[Reefer]

Talking about crypto capital gains, in Singapore you can choose to pay the smaller capital gains tax every time you sell it to make profit, or treat it like a share. Sell it all at once, and pay a one time big fee. Most people choose this option, so never sell or sell 100%.

Chinese are some of the biggest investors in csgo skins, when china allowed steam to unblocked in china skin prices went ^^

 

[justdoit]

Yeah, you pay tax on capital gains; profits as you say.

But i think, tax would start from anything over £3,000 as there is a £3,000 tax free CGT (capital gains tax) allowance.

A couple of years back it was £12,300, then £6,000, and now £3,000.

View attachment 205402

most of Crypto traders work online, they all register on Channel Islands they pay 0 tax, if you buy crypto for long investment, they dont pay tax also till they cashout there profit, HMRC not that active on crypto tax to much problem for them, if you invest £10k and lost, that mean you are off £10k next tax payment, crypto casino affiliation they also pay 0 tax, coz they get paid on their casino account is like winning payment

 

[justdoit]

For you, it's a different story because of your EU papers. What I don't understand is how BC.Game accepts GBP payments.

Is it a straight casino account top-up from a UK bank account (GBP to GBP), or does it work like an online purchase where something like Stripe pops up, opens your bank page, and asks you to log in...

Or is it an open banking service like Trustly, where you select your bank from a list and enter the details...

Still it's all weird stuff anyway, and someday interpol might catch that nasty crocodile, lol.

you can open EU account very easy m8, a trip to Slovenia you open your account same day, Revolut. is not GBP licence bank, you can pay and currency online, is like buying somthing online

 

[Guntis]

you can open EU account very easy m8, a trip to Slovenia you open your account same day, Revolut. is not GBP licence bank, you can pay and currency online, is like buying somthing online
View attachment 205408

You can also open a bank account in Ireland very easily, or in any EU country, if needed. Check this out:

Right to a basic bank account

You may want or need to open a bank account in your home country or in another EU country.

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

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Revolut is an online bank (or neobank), and its rules likely apply based on the address and phone number you used when registering. The regulations cannot be identical across countries like the UK, Estonia, Finland, France, Germany, etc. Many things may be common, but each has its own body that regulates finances and likely has different rules.

So are you suggesting that i open a bank account somewhere and then play on BC Game?

 

[justdoit]

You can also open a bank account in Ireland very easily, or in any EU country, if needed. Check this out:

Right to a basic bank account

You may want or need to open a bank account in your home country or in another EU country.

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

You do not have permission to view link Log in or register now.

---

Revolut is an online bank (or neobank), and its rules likely apply based on the address and phone number you used when registering. The regulations cannot be identical across countries like the UK, Estonia, Finland, France, Germany, etc. Many things may be common, but each has its own body that regulates finances and likely has different rules.

So are you suggesting that i open a bank account somewhere and then play on BC Game?

not to play on BC, but many traders they dont use UK banks, they use EU banks so HMRC have no acces on it,
P.S
regards to BC best way to make deposit is from Skrill, they ask you before you make deposit is this gambling deposit, so you free from any Tax, Fees not so great but they know you gambling and the win is coming from same deposit link, so they know is from gambling

 

[Guntis]

not to play on BC, but many traders they dont use UK banks, they use EU banks so HMRC have no acces on it,
P.S
regards to BC best way to make deposit is from Skrill, they ask you before you make deposit is this gambling deposit, so you free from any Tax, Fees not so great but they know you gambling and the win is coming from same deposit link, so they know is from gambling

are you talking about fiat or crypto payments?

 

[justdoit]

are you talking about fiat or crypto payments?

well I use Crypto deposit and cashout fiat on Skrill, or Revolut, some casinos like Gamdom let you do that, all I need to win lol, if I make deposit £400-£500 and end of my play balance is £1000 I keep £500 on volut and £500 on balnace till i make good balance and cashout, like £2000 etc
soon they will controll everthing we do