Anyone know anything about tax and barter?
Dec. 5th, 2013 03:06 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
andrewduckerIf 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?
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?
no subject
Date: 2013-12-12 11:26 am (UTC)http://en.wikipedia.org/wiki/Droit_de_suite
In France they do, anyway.