Selling crypto currency and do i pay tax whilst it's still on the exchange?

stunt_weasel

I'm wondering about this.

I have some crypto currency on a crypto exchange.
When i sell it and convert it into Pounds Sterling on the exchange i intend to withdraw some to my bank and keep the rest until the market bottoms and then buy more crypto currency.

My question is at what point do i have to pay tax?
Do i have to pay capital gains tax on the sold crypto now residing in Pounds Sterling on the exchange or do i only pay when i withdraw it to my bank?

I think i'll probably have to pay once sold, no matter where it resides, but i'm not certain on this.
I want to get it right.

[Deleted User]

When it’s sold. 

GDB2222

Out of interest, why do people leave anything on these exchanges for longer than essential? They are unregulated and they go bust all the time.  

Surely, the whole point of crypto is that you keep it under your own control? And, as to leaving Sterling on account with these people….!

stunt_weasel

I don't, to not confuse the matter i put it as straight forward as possible.
I have it in a cold wallet but i DCA and there's always a small amount on the crypto exchange that builds up until i do a bigger transfer into my cold wallet.

As for leaving Sterling on the exchange ...... i won't.
The question was about at what point is tax due.