Hello,
Is there a place to get Tax advice on this forum?
In the UK you are allowed up to £12,300 (AIA, Annual Investment Allowance) without having to pay capital gains. If you have a partner you can also use their allowance eg £24,600
I was wondering if you could create an NFT for say a classic boat or a classic car? The idea is that if that were possible then anything spent on the boat or the car would count as capital and not revenue.
If I started a leisure company which allowed people to play a game where they collect classic tokens which can be redeemed for real life adventures eg Driving a classic GT4 Turbo around a track. They also get to keep that token and a video file.
Can NFTs be used to turn physical assets into working capital? If that were possible I could also get tax relief on repairs or kitting up that turbo.
I’d appreciate any thoughts. Note tax avoidance is not illegal. If crypto is smart money then it should be used as a tax avoidance vehicle. I mean this quite literally