Capital Gains Tax on Crypto,a bit confused of 30 day rule, can I buy another coin simultaneously

HAYDAN2002

Hello
I thought i understood the basics of Capital gains tax...but that was years ago and looks like alot has changed.
Quick question:
I want to sell some crytpo. There is not enough profit on it to pay tax on it so there is no problem. But i want to realise the profit in case it goes up alot next year as i might add to my holdings.
Can i sell one coin(eg bitcoin) say tomorrow and buy another coin( eg cardano) simultaneously. I am just a bit confused about the 30 day rule.
Thank you very much to anyone that takes the time to read this.
kind regards

eskbanker

https://www.gov.uk/government/publications/tax-on-cryptoassets explains HMRC's stance but the 30-day rule essentially applies only if you're repurchasing the same as what you sold, so buying something different wouldn't trigger it, in that your disposal will count towards CGT regardless of how long it is before you repurchase something else....

underground99

Cardano is not bitcoin. There is no issue selling one type of asset, making a profit or loss, and buying another different asset with the proceeds. Your big piles of bitcoins and cardanos and ethers etc would all have their own separate pools.

The way the 30 day rule works: when you sell a bitcoin you compare its sale price to the allowable purchase price and the allowable purchase price is an average calculation based on all the bitcoins you held in your bitcoin pool the day before selling. If you sold a bunch of bitcoins but also bought some the same day, those sales and (re)purchases get matched before you get to look at any of the purchases that were sitting in your older pool.  If there are no repurchases the same day, you'd look and see if there were any repurchases in the next 30 days, and if so you'd compare the sale proceeds with the cost of those bitcoins you bought back within the 30 days, and match them for the purposes of the CGT calc; only after you've matched off the 'same day' and 'next 30 days' purchases do you get to look back at the average cost of the bitcoins that were sitting in your older pool of coins.

In your case, there are no new bitcoins being bought the same day or within 30 days - you are buying cardano coins instead. You can't match the sale of a bitcoin with the purchase of the cardano ; you can only match the sale of a bitcoin with the previous bitcoins held, and when you do that you'll have a gain or loss. 

HAYDAN2002

thank you so much for your very informative replies. Very helpful. I did think that if you sold one coin and bought something different it would not affect CGT, but then i read something on a forum that confused me . ( I probably misread it but it has stuck with me.)
Thank you once again underground99 and eskbanker
have a good day