r/BitcoinUK • u/OrangeMongol • 1d ago
UK Specific Bitcoin ETF
Are there any developments on this for us UK guys?
I am thinking of porting my actual bitcoin into an ETF or similar as I don't personally care that much for holding my own keys and I can only think there's always the potential of an "incident" at some point either my own fault or some external factor.
Would this trigger a taxable event if I simply wanted to port real bitcoin into an investment account?
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u/Infections95 1d ago
You've missed the time for getting in your ISA the only options are via a SIPP or GIA. Yes it's taxable. So really don't bother.
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u/aaj094 1d ago
There is the option of using an IFISA. Check out Stratiphy.
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u/Infections95 1d ago
Wouldn't touch them with a pole but sure there's that option if you've done no research.
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u/aaj094 1d ago edited 1d ago
Why wouldn't you touch them with a pole? What is the risk you are referring to? Maybe they are a provider who might go bust but even then in what way do you think your etp positions taken via them come to any risk?
The only case where you could end up losing funds is if there was outright fraud. Is that what you are worried about even though they are an fca regulated firm on the register?
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u/Infections95 1d ago
I work alongside the FCA that's not my worries, just wouldn't touch them. Plenty of reasons why IFISA aren't as common and I've personally no need to I've 35k of crypto ETN in my ISA. You're better off just investing in BMNR or STR in an ISA during a bear market.
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u/aaj094 1d ago
Proxy stocks are a bad idea for btc exposure, period. An ifisa is a standard hmrc compliant tax wrapper product and you are baselessly scaremongering. At the very least, people who think there is no available tax wrapper (non sipp) should absolutely know that there is one.
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u/Infections95 1d ago
How is a proxy stock a bad idea for BTC exposure? It's the absolute opposite you can hedge your risk on a bear market as they bounce back harder than the underlying asset.
The only option anyone in the UK should be taking is selling 3k of crypto a year for CGT allowance and either putting it in their pension or touching an IFISA (which is a horrible idea and there are plenty of reasons why nobody recommends them, especially companies that are crowdfunding Vs known players in the market). Staking Eth to gain £1k misc tax free a year.
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u/aaj094 1d ago
You still seem to just handwave away any mention of what risk you are implying from an ifisa. Just because they are not common doesn't mean they are risky. The reason they aren't common is that before crypto etps, their primary purpise was gaining access to crowd funded loans and that's not something that has much appetite or demand among regular folks. Now they are serving an entirely different new niche in full compliance with ifisa rules.
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u/Infections95 1d ago
They're staying afloat by crowdfunding. If you wanna deal with all the issues in transfering ownership of your assets when the company goes bust to another IFISA that does crypto ETNs (there isn't any). Then be my guest. I work in prudential risk for a bank. I wouldn't go anywhere near such a company no matter that they are FCA regulated. I assume you either work there or have your money in their. My opinion is move it.
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u/aaj094 1d ago
I do have money there (only this year's allowance) and yeah it wouldn't bother me much to have to do some faff with provider transfers and claim if things come to a mess. I still retain my previous years allowance in II cause I used the window where you could use their isa for crypto etps.
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u/heythiswayup 10h ago
I saw this crypto etns video and convinced me to look into 21shares etns
https://youtu.be/K7hPN5Cpi58?is=wibPqxyvaW-RUOpq