It might "seem like a lot of work" but if you were required to pay 20% on a £1 Million cash in of your Bitcoins, how long would the average guy have to work to earn {and keep} £200,000 ? I'm thinking it would take 3 to 4 years maybe even 4 to 5 years for a lot of people. That's getting up every day, going to work with all the costs associated with that vs walking the dog in the IOM {or a place of your choice} for lets say 5 years while the property you bought for £200,000 to £500,000 turns into a nice little investment.

Sure I know some things are harder to do than others, but if I had to chose between keeping ALL the money that I'd made from Bitcoins and walking the dog in the IOM for 183 days a year I think the latter would have more appeal to me. It's kinda like "the working men's equivalent" to what the Arabs, Russians et-al do when they stroll the streets of London.

If someone offered me £50,000 a year for 4 years to rack up no more than 182 days in the UK would I feel it was something I couldn't cope with ?

It doesn't seem to bother folks working in Saudi or on contract work around the world, the difference is, they have to work, a self imposed tax exile doesn't.

It's down to the amount of money involved, that and the emotional attachments that folks feel obliged to impose on themselves...

hmmmm.... my first question, but an important one... what/where is IOM ?

Next to that, I've seen a lot of topics like this and people who made large sums of money in the crypto world still seem worried about the taxes they have to pay once they convert to fiat.
In my humble opinion, those people are not in for the long run, because if you really believe in crypto, it would never cross your mind to convert back to fiat money.
And if you own large sums of crypto money and you are worried for taxes, then move it to privacy coins.

Damn, how could I have missed that one .... Isle of man ? I'm a big motorsports fan and have all Isle of man video's since "ancient" times.
Didn't know this is a tax Paradise however.

Thanks m8!
sucks that a few days during the races are insufficient to apply for the tax rates

Damn, how could I have missed that one .... Isle of man ? I'm a big motorsports fan and have all Isle of man video's since "ancient" times.
Didn't know this is a tax Paradise however.

There's more tax havens than the IOM though, but none that I'm aware of {other than maybe Denmark where Bitcoins aren't taxed} that is as handy as the IOM for Brits to take up residence in. Add to that, the culture is the same, the language is the same, and the price of property is reasonable, in fact cheaper than many parts of the UK, but, there's more to it than that...

Aye, I'm off to the Manx GP and Manx rally next year. I did the TT circuit in my hot hire Fiesta a few weeks back. Dunno how they do it.
There's your sexy rates.
https://www.pwc.com/im/en/services/tax/isleofman-tax-rates/money-matters.html
Note the complete lack of capital gains.

The link above spells it out.

I still really, really would not want to live there though.
But would you really want to pay £200,000 or more to HMRC just for the pleasure of "staying put" ?

As mentioned previously, you don't have to be away from what you now consider home all year round, as long as you don't clock up 183 days in the UK then you have no obligation to HMRC.

Let's say you did take up residence in the IOM, and you take the ferry to Heysham {or fly into Manchester on what's considered a Domestic flight}, you aren't required to show your Passport, so, no one is actually logging you in or out of the UK, no one knows {other than yourself} exactly how many days you actually spend in the UK. I have no doubt that some folks take advantage of that and they could possibly spend 200 {or more} days in the UK, I'm not proposing that, but I have no doubt that happens, there's certainly no shortage of "Private Aircraft" registered in the IOM, to get you in and out undetected, one owned by Lewis Hamilton, see the link below...

http://www.iomtoday.co.im/article.cfm?id=33790&headline=Second%20largest%20number%20of%20registered%20privatejets%20in%20Europe&sectionIs=news&searchyear=2017

One closely connected with Vladimir Putin...

https://en.crimerussia.com/oligarchs/two-jets-found-at-isle-of-man-offshore-reportedly-owned-by-putin-s-friend-rotenberg-/

The folks mentioned in the links above don't need to dabble in Bitcoins, they are already minted, but The Rich get Richer by keeping hold of their money and like Phil Collins, David Bowie {both ensconced in Switzerland for many a year}, then there's SIR Sean Connery, Jensen Button who suns himself {part of the year in Bahrain}, Lewis Hamilton who "hates living in Switzerland" but saves 10's of Millions by "residing" there's SIR Michael Caine {the double Oscar-winning actor is among the 1,600 people who tried to shield £1.2 billion in Liberty, an aggressive tax avoidance scheme.

Dishonourable mentions could also be given to, SIR Philip Green, SIR Mick Jagger, U2 Bono, Mel Gibson, Mark Knopfler Dire Straights, DAME Vivienne Westwood, George Michael, Anne Robinson and singer Katie Melua poured money into the scheme, which was run by Mercury Tax Group. George Michael reportedly sought to shelter £6.2 million, Melua £850,000, Caine £600,000, while the Arctic Monkeys collectively looked to reduce tax on around £1 million.

Also ran's include a selection of your favourite demi gods listed on the link below...

https://www.thesun.co.uk/news/3711659/sun-investigation-super-rich-tax-relief-scheme/

Moving house {for that read, leaving the country}, for a few months a year doesn't seem to bother this lot, they come and go as they please, laughing all the way to the bank, that's how the Rich are getting Richer now at a faster pace than has ever been known, it's not soup kitchens for everyone...

I guess that there's a breaking point for all of us, a point where some folks who jumped onto the Bitcoin bandwagon early enough could well be contemplating now. We might not be able to afford to live in Switzerland, but IOM is affordable and handy...

I wouldn't be paying to stay put, I'd be paying for the choice to stay put if I wished.

I could very happily spend the rest of my life only spending a few weeks at a time in varying bits of the globe, but that might change.

Look at the sheer amount of ball ache this guy has put himself through to save some tax - https://www.theguardian.com/business/2010/feb/05/emi-citigroup-private-equity-terra-firma

That doesn't sound like much quality of life to me.

Like I said, if it was 40% or more I'd look into it. I can live with 20% just fine for the sake of convenience and choice but respect to anyone who takes the trouble. I couldn't be arsed myself.

This is a loophole in the rules. Rich people always try their best to avoid taxes, or they can be too expensive for many businesses to afford.

I really hope for BTC that the transaction fees sink again. Otherwise, Bitcoin is about to die in the future 

It seems to be an unfashionable view, but taxation gives us the luxury of whinging about it in safety with our health and education in the bag. Of course most of it's squandered but I don't think there's an alternative.

Of course enough people here will wheel out - 'let private enterprise deal with my policing and infrastructure'.

Yeah. Sure. I'd give that model ten days before 90% of the global population was dead.

Excessive taxation is worth taking action over, but I can live with 20% just fine for the sake of a functioning society.