I just noticed that from January 2020, anyone holding the digital asset account should also declare it in the form 3916-bis?
I used the foreign exchange company for the currency conversion, do I need to declare their currency cloud account and virtual IBANS showing my name?
Could someone help on this?
I think its to do with crypto currencies and is a licensing requirement for brokers:
I’m not sure it applies to individuals when making tax returns though.
Thanks Graham, If this is not applied for the individual tax return, then it’s great!
I’m sure it won’t apply in your case (I’ve not seen it mentioned before tbh) but here is a reference to 3916 which might help explain.
Also (in English) the Tax Law
Did you have any digital accounts open in 2019?
I have an account with Revolut for currency transfers and it’s not entirely clear if it should go on the -bis form. I think this might only apply if you “trade” currencies but transferring sterling to Euro (ie UK pension income to your French bank account) would be covered by declaring the account on 3916 in the normal way.
If that makes sense.
I agree with you. I haven’t got any digital accounts for trading the currencies.
I used deVere foreign exchange, as you said, the UK account is declared in 3916.
Thanks as always.