Crypto

sgx2000

I have randomly bought and sold small amounts of crypto since 2017

Currently my coinbase account holds 15k

I estimate my input has been 7-8k over the last 7 years

Can I take 3k per year from my account without having to declare capital gains

eskbanker

If you've been selling all the way along then such sales are likely to have been disposals for CGT purposes, so it's these that you need to track rather than withdrawals from the account.

https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual

sgx2000

No real sells...

Just wondering if I could draw 3k tax free each year

MeteredOut

sgx2000 said:

No real sells...

Just wondering if I could draw 3k tax free each year

It's not the withdrawal that incurs the capital gain, its the profit from sales. So, you could sell enough BTC today to make £3K profit from that tranche of coins, and no CGT would be due (assuming no other gains in the tax year). You could do the same in future years (at whatever threshold applies in those years).

Bookworm105

sgx2000 said:

No real sells...

Just wondering if I could draw 3k tax free each year

what do you mean by "real sells"?

as above, if you have made a profit when cashing in (selling) the currency, then CGT applies to that profit and the allowance is available only in the tax year you make that sale. The allowance may be further decreased in the budget