Hi there . I have a question about crypto . In 2024-25 after the bull market I will have a bank deposit of around 700k , so will my bank account get blocked by HMRC etc.?? I know I will have to pay taxes like 150k but I just want to get ready and know what's probably gonna happen.Regards
PostedWed, 20 Dec 2023 14:39:27 GMTbyHMRC Admin 5 Response
Hi
You would need to declare any gains you make on any disposals of cryptoassets to us, and if there is a gain on the difference between his costs and his disposal value he could potentially be liable for Capital Gains Tax.
Please take a look at Check if you need to pay tax when you sell cryptoassets and
Cryptoassets Manual
as well as general advice on capital gains tax
Capital Gains Tax: what you pay it on, rates and allowances
Thank you
PostedTue, 02 Jan 2024 10:13:25 GMTbyHMRC Admin 21 Response
HiMarekcrypto,
As this is a future event, you would need to wait until it has occured to see what happens. if blocked you would likely receive contact from HMRC advising you how to resolve the matter.
Thank you.
PostedTue, 23 Apr 2024 19:14:17 GMTbyCharlie Hulse
Can I sell part of my cryptocurrency on one tax year and hold the other half another tax year to use the capital gain tax free allowance more than once?
PostedTue, 30 Apr 2024 09:38:16 GMTbyHMRC Admin 8 Response
Hi,
Yes. Capital gains tax is calculated using the 'arising' basis. In this case it would be the tax year in which the disposal arises.
Thank you.
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