Cgt

[Deleted User]

Hi

Never needed to pay CGT before but might need to when I sell some bitcoin. How and when do I do this?

What happens if I don't pay?

Thanks

00ec25

as an opening stance your question about non payment shows what your attitude is and given that stance, do you know how to use google? It is a rather good way to find simple facts, which is all you are asking:

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

[Deleted User]

It was a general question on how CGT is monitored. As I've never been in this position before, I was interested. I'm sure many people just don't pay?

01afraser4

Maddy78 wrote: »

It was a general question on how CGT is monitored. As I've never been in this position before, I was interested. I'm sure many people just don't pay?

There are various indicators that will lead HMRC to suspect there has been non-payment of CGT.

They have access to Third Party Information that will likely indicate if there has been a large disposal.

Given the disposal is large enough to attract CGT, then it's likely you'll have a fairly large sum of money sitting in your account(s). What happens if the interest generated form this income is high enough that you need to declare it to HMRC? They are going to question why there has been such a significant increase and where this source of funds has come from.