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  • FIRST POST
    • Larry78
    • By Larry78 8th Jan 18, 5:52 PM
    • 5Posts
    • 0Thanks
    Larry78
    Cryptocurrencies
    • #1
    • 8th Jan 18, 5:52 PM
    Cryptocurrencies 8th Jan 18 at 5:52 PM
    Hi

    First time poster asking for some advice

    I bought some crypto coins a while ago which have appreciated in value- currently stored on exchanges and digital wallets. I'm now planning to withdraw these back to my bank account. I'd like to use some to clear my debts. My question is- what tax is liable and how do I arrange this and can I offset someplace of this against my debts?

    Thanks
Page 1
    • antrobus
    • By antrobus 8th Jan 18, 6:07 PM
    • 15,360 Posts
    • 21,903 Thanks
    antrobus
    • #2
    • 8th Jan 18, 6:07 PM
    • #2
    • 8th Jan 18, 6:07 PM
    ... My question is- what tax is liable and how do I arrange this ....
    Originally posted by Larry78
    Capital Gains Tax. You have an allowance of £11,300.

    ...
    and can I offset someplace of this against my debts?
    Originally posted by Larry78
    No.
    • Larry78
    • By Larry78 8th Jan 18, 6:09 PM
    • 5 Posts
    • 0 Thanks
    Larry78
    • #3
    • 8th Jan 18, 6:09 PM
    • #3
    • 8th Jan 18, 6:09 PM
    How and when do I pay capital gains tax? No idea how this works.
    • Larry78
    • By Larry78 8th Jan 18, 6:10 PM
    • 5 Posts
    • 0 Thanks
    Larry78
    • #4
    • 8th Jan 18, 6:10 PM
    • #4
    • 8th Jan 18, 6:10 PM
    Am I already liable through holding these coins?
    • antrobus
    • By antrobus 8th Jan 18, 6:16 PM
    • 15,360 Posts
    • 21,903 Thanks
    antrobus
    • #5
    • 8th Jan 18, 6:16 PM
    • #5
    • 8th Jan 18, 6:16 PM
    How and when do I pay capital gains tax? No idea how this works.
    Originally posted by Larry78
    You contact HMRC.

    How much did you make on the cryptos?
    • Linton
    • By Linton 8th Jan 18, 6:18 PM
    • 8,858 Posts
    • 8,890 Thanks
    Linton
    • #6
    • 8th Jan 18, 6:18 PM
    • #6
    • 8th Jan 18, 6:18 PM
    Am I already liable through holding these coins?
    Originally posted by Larry78
    You are liable for tax when you sell them for a profit, not until then.
    • Larry78
    • By Larry78 8th Jan 18, 6:23 PM
    • 5 Posts
    • 0 Thanks
    Larry78
    • #7
    • 8th Jan 18, 6:23 PM
    • #7
    • 8th Jan 18, 6:23 PM
    High 5 digits. How do HMRC find out? Say I withdraw 50K from an exchange today, what happens? Also got no idea how t calculate my liability as bought bits and pieces over years. What is the rate?

    Thanks
    • agrinnall
    • By agrinnall 8th Jan 18, 10:22 PM
    • 19,162 Posts
    • 14,825 Thanks
    agrinnall
    • #8
    • 8th Jan 18, 10:22 PM
    • #8
    • 8th Jan 18, 10:22 PM
    I suggest you read this for starters. If it doesn't go into enough detail I expect some of out tax experts will be able to post links to the relevant manual(s).

    https://www.gov.uk/capital-gains-tax

    With a gain as large as you might have it could be worth consulting an acountant.
    • Larry78
    • By Larry78 9th Jan 18, 1:07 PM
    • 5 Posts
    • 0 Thanks
    Larry78
    • #9
    • 9th Jan 18, 1:07 PM
    • #9
    • 9th Jan 18, 1:07 PM
    Thanks, yes good idea.
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