Andrew Ducker (andrewducker) wrote,
Andrew Ducker

Anyone know anything about tax and barter?

If a person buys some Bitcoin for £1 and sells it again for £1million, then presumably they have to pay capital gains tax on the difference.

If a person buys some Bitcoin for £1 and then uses it to purchase goods and services worth £1million, is there still tax payable somewhere in there?

What do the rules say about barter in other circumstances? Presumably if I bought a painting for £5, and then ten years later swapped it for a house worth £500,000 (because the painter was a massive success) then the government would wants its cut?

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