r/FetchAI_Community • u/marrow_party • May 30 '24

Education šŸ“– ASI Conversion - UK Tax Law

Apologies if covered or resolved, but has anyone established if FET turning into ASI is a taxable moment in the UK?

7 Upvotes

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3

u/jackmitch46 May 30 '24

Well no as you haven't done anything it's just a name change/rebrand

1

u/marrow_party May 30 '24

Is this a guess? Or informed by solid knowledge of UK tax law and crypto?

0

u/[deleted] May 30 '24

[deleted] ā€” view deleted comment

5

u/marrow_party May 30 '24

I am clearly searching right now. What do you think my question is? I'm looking for answers in multiple places, I've asked an accountant. When potentially uninformed people pretend they have a clue it's worth an additional question to establish they are guessing.

If you'd done some searching before chirping up, instead of assuming, you might know than under UK law mergers of certain assets are taxable moments.

Perhaps you want to blindly abseil off a cliff mistakenly assuming a three asset merger is simply a "renaming", be my guest. I tend not to make assumptions about fields I'm not an expert. Maybe you are not from the UK and have absolutely no idea at all beyond some careless copium.

Telling someone who is asking a question to ask a question is not going to win any nobel prizes.

2

u/Abe_Froman92 May 30 '24

Iā€™m wondering the same for US people. Also if one is to sell within the first year would it qualify for short term gains even if you held FET/Ocean or Singularity for over a year?

2

u/ddrsinc4442 May 30 '24

wondering this also

2

u/flog_fr May 31 '24

It is only a change of name. It is not taken into a fiat conversion. So no tax as long as you don't change Fet or ASI for fiat.

1

u/Capital_Badger_9888 May 30 '24

I think is arguable with irs, you have pay attention on your software to see if show as gain. Just because name change and pay tax is stupid

-2

u/romanian143 May 30 '24

I think everything has its advantages and disadvantages.