I saw this story on BBC this morning and it got me thinking - I assume if the same thing happened here a person would also be caught for CGT? He did "dispose" of the bitcoin at a given value.
I feel some sympathy for the man, but as they say, if it sounds too good to be true..... He had at least cashed out his actual money long ago so not in a worse position than he would have been if it had never happened, unless he has a CGT liability.
I remember a time (but vague on details, would have been around 2005) when a lot of people who had stock options mature after 7 (?) years were liable to income tax on the original option price after the 7 years, but the stock price had tanked in the meantime so the vesting didn't even cover their tax bill. I remember Revenue coming to an arrangement with some of them.
Anyway, be careful of investments!
I feel some sympathy for the man, but as they say, if it sounds too good to be true..... He had at least cashed out his actual money long ago so not in a worse position than he would have been if it had never happened, unless he has a CGT liability.
I remember a time (but vague on details, would have been around 2005) when a lot of people who had stock options mature after 7 (?) years were liable to income tax on the original option price after the 7 years, but the stock price had tanked in the meantime so the vesting didn't even cover their tax bill. I remember Revenue coming to an arrangement with some of them.
Anyway, be careful of investments!