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Hype!!

Uk Tax Law

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Hype!!

Hi everyone, so i was recently thinking about cashing out. Do i have to tax the money i take out? What are the laws in the Uk about in game trading and stuff? 

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Ryan #KHABIB

Hmm, I'm not sure what you mean about "tax the money i take out". On websites, like marketplace.tf, when you sell an item, lets say a key, they take 10% of however much you sold the key for. I would suggest you go to an official UK website about the laws surrounding games? LOL 

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leftyy

I would suggest just join the discord and look for people who are buying keys in bulk

It's what I did

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Pixxi0us

Im pretty sure thats not what he mean. 

I have heard that in some countries there is a law that requires from people to pay a tax when they are cashing out money from virtual games. I DONT know exacly if this is true or not, it was something I heard a couple of months ago. 

 

@Hype!!Just Google it and see if you have to pay anything. 

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Flamadin

I can only speak to the USA, but I'll bet UK is similar.

 

If you sell items for more than you paid, and take the profit as real money, that is taxable.

 

But there is usually some minimum of money in a year before any company reports it.

 

So sell a couple items for a hundred dollars (or pounds or Euros), and no one cares, but cash out for thousands and they will be interested.

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That Irish Guy~

PayPal will let you cash out up to 2.5k before they freeze your account for additional info for taxing 

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ApothicЯ
On 10/7/2019 at 4:28 AM, Pixxi0us said:

Im pretty sure thats not what he mean. 

I have heard that in some countries there is a law that requires from people to pay a tax when they are cashing out money from virtual games. I DONT know exacly if this is true or not, it was something I heard a couple of months ago. 

 

@Hype!!Just Google it and see if you have to pay anything. 

That's true in France for example (not only for video game, but everything you do online). If you do not exceed 10k€/year, you don't have to declare your PayPal account

 

Source (french) https://bofip.impots.gouv.fr/bofip/580-PGP.html

Part 5. Comptes non soumis à l'obligation de déclaration

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humann
On 10/7/2019 at 8:04 AM, That Irish Guy~ said:

PayPal will let you cash out up to 2.5k before they freeze your account for additional info for taxing 

they freeze my account like 1 year ago and I added the additional info and they unfreeze it, I cashed out way more than that I still haven't paid a single cent of tax

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Hype!!

The problem is i have no idea where to look and who to ask about this, someone told me to post on the forum, i was hoping someone might know how this all works. I was told you had to tax all money you take out even if it's game from a cash but couldn't find any laws about it. 

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BlastFM

With the amount you have right now, I doubt you have to declare anything(just my educated guess, i have no actual info). Good call on checking though

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