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Income tax or capital gains tax

tribetown
tribetown Posts: 75 Forumite
Fourth Anniversary 10 Posts
I am filling in my tax return and I have used Koinly tax software for my cryptocurrency disposals.
It has worked out the number of disposals, disposal proceeds, allowable costs, gains in the year before losses and losses in the year and the amount of CGT due.

There is also an "other gains" section with £280 profit.

"Futures summary,
Summary of your gains from futures / derivatives trading. These gains have NOT been included in your capital gains so you may want to report them separately."

Koinly linked me to this information.

"Other gains refers to any transaction that has been tagged with the 'Realized P&L' tag. This mostly applies to futures, options, contracts, and other leveraged activities.

This setting is only useful for people that are trading with margin/leverage/CFDs, When enabled, your other/margin gains are counted as capital gains and are included in your capital gains reports.

If this is disabled, your other/margin gains will not be included in your capital gains and you will be able to report them separately instead. For example, if your country requires gains from margins to be declared as Income then it is best to disable this setting."

Should I declare the £280 as capital gains or income.

There is a toggle in the settings page of Koinly.


Thanks for any help.

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