Cashing in Cryptocurrencies

glowleeper

I am a PhD Researcher who receives an annual tax-free stipend of circa £14K. Additionally, I have some cryptocurrency investments, from which I would like to draw some profit.

My question is this: if I cashed in £11,500 of my cryptocurrency investments, would that be subject to tax? Or would it remain under my tax-free allowance, even though I receive a tax-free stipend for my PhD? What if I invested the money directly in an ISA - would that affect the tax?

Thanks for any advice!

planteria

investing the proceeds into an ISA wouldn't reduce any tax due on your Cryptocurrency profits.. the ISA would just wrap around, and remove tax, on any future gains.

ColdIron

Bitcoin is subject to Capital Gains Tax not Income Tax. You have an £11,300 CGT allowance in this tax year. You are taxed on the gain (sale - purchase) not the value disposed

SteveTheWinner2017

Hi, get yourself a TenX card, you then send your BTC to it and spend it using the Pre-Paid card they send you. If you upgrade your KYC to level 2, which I highly recommend then you can spend £8k a day and withdraw £800 per day from a cash machine.