Starting DeFi USDT mining with a loan

Tax Questions
#1

Hey everyone,

First time using this, and at the moment its mainly for research

I am looking at starting mining in DeFi to increase the amount of USDT I have. Unfortunately I do not have any USDT to start this.

I have been looking at using a loan from my bank if it is accepted to be able to pull back enough rewards to repay the loan back within the 1st month (subject to the T&Cs of the loan).

I have a few questions around this:

  1. If I use the loan of £25000 GBP to purchase the equivalent in USDT, put it all into mining to receive the rewards (calculated to double my USDT in around 23 days). Would I be able to pay back the loan (and only that amount being transferred to my bank account, the amount of GBP I paid to purchase the USDT) without needing to pay out in Tax in the UK?

  2. If I don’t need to pay any tax, do I still need to do a self tax assessment form for the year?

Sorry for being so vague on my questions, I am new to this, but I really would like to make this work.

1 Like
#2

@liamf91 I wish we had more tax experts on the forums to assist with this!

Unfortuantely I am not a UK tax expert, and you may be hard pressed to find an answer here. Have you tried speaking with an accountant in the UK about this?

@Mark_DesLauriers any input from you on this buddy?