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Tax Point For Selling Bitcoin
justin128
Posts: 38 Forumite
in Cutting tax
At what point is CGT due when selling Bitcoin. Is it when you sell the coins in the exchange converting them to GBP or when you withdraw the cash to your bank account?
I have a fair bit to dispose off and with now only £3,000 CGT allowance it will take along time to sell them if I want to avoid paying 18% tax on the profits made over the last seven years. Any advice on reducing the tax burden would be appreciated.
I have a fair bit to dispose off and with now only £3,000 CGT allowance it will take along time to sell them if I want to avoid paying 18% tax on the profits made over the last seven years. Any advice on reducing the tax burden would be appreciated.
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Comments
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Just like investments on a platform, the disposal point for CGT purposes is when you sell the asset not when you move the proceeds.justin128 said:At what point is CGT due when selling Bitcoin. Is it when you sell the coins in the exchange converting them to GBP or when you withdraw the cash to your bank account?0
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