Capital Gains Tax Allowance & My Regular Earnings? How Does It Work?

PokerPlayer111

ok thanks for all the info. 11k crypto currency can be cashed out in her name to her bank and 11k in my name to my bank via us both setting up accounts with crypto exchanges, just means hassle and It just feels like its as if we are trying to be "clever" doing it like that when we aren't.

And my CGT would = 10%? on anything over £11k (minus original invesment) if its only 10% thats not bad i thought it was higher.

AndyT678

PokerPlayer111 wrote: »

ok thanks for all the info. 11k crypto currency can be cashed out in her name to her bank and 11k in my name to my bank via us both setting up accounts with crypto exchanges, just means hassle and It just feels like its as if we are trying to be "clever" doing it like that when we aren't.

And my CGT would = 10%? on anything over £11k (minus original invesment) if its only 10% thats not bad i thought it was higher.

When you transfer the currency from your account to hers it will count as a capital gain for you at that point because you are not married. If you use up your allowance doing this you will not also be able to sell without CGT.

CGT rates depend on your income tax band, 10% for basic rate and 20% for higher rate.

Malthusian

As long your gains over the allowance plus your income in the tax year is less than £45,000 it's 10%. If any of the gain is above the higher rate tax band it becomes 20%.

It's 18% and 28% on residential property and carried interest.