.png)
.png)
HMRC has reminded crypto users that they should declare any income or gains above the tax-free allowance on a tax return for example if they have:
- received cryptoassets from employment if they are held as part of a trade or engage in crypto-related activities that generate an income; or
- sold or exchanged cryptoassets including gifting them to another person or donating them to charity.
Broadly HMRC treats the profit or loss made on buying and selling of exchange tokens as within the charge to capital gains tax and only in exceptional circumstances will it accept that buying and selling of crypto amounts to a trade.
Noting that the capital gains tax annual reporting threshold for 2022-23 is £49 200 Mei Lim Cooper ICAEW technical manager personal tax said: ‘Anyone with proceeds from crypto trades exceeding that limit in the tax...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
