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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 189
Experience:  ACCA Diploma
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I made over 12.300£ capital gain in crypto currency’s, do I

Customer Question

Hi, I made over 12.300£ capital gain in crypto currency’s, do I need to pay 20% tax in uk? If I hold crypto for 5 yers and do not sold do I need to pay taxes for it if I have massive profit or I pay taxes when I sell. Can I send half of crypto to my partner to avoid taxes?
Submitted: 19 days ago.
Category: Tax
Expert:  Expert Lu replied 19 days ago.

Hello

I am an expert with JustAnswer  and I am happy  to assist you with your question. I currently reviewing your question and I will get back to you.

Thank you in advance

Expert Lu

Customer: replied 19 days ago.
Ok thanks
Expert:  Expert Lu replied 18 days ago.

Hello

Thank you for your patience, yes you can transfer to your spouse as it does not attract any CGT .

Please kindly feel free to ask if you need me to clarify  my answer.

Thank you in advance

Customer: replied 18 days ago.
when I transfer to my partner do I need to report for hmra before end of tax year I I just leave, how do they know if I transfer? Do I pay cgt only when I sell? Or I can keep crypto forever and do not pay any tax for holding? Thanks
Expert:  Expert Lu replied 18 days ago.

Hello

Thank you for your response you can notify HMRC  of the transfer, ti answer the CGT  part , yes you will be liable for CGT  if you dispose of the crypto. If you keep your Crypto forever there  will be no tax liability  if there is no transfer.

I hope that answers your questions

Customer: replied 18 days ago.
When do I need to notify them next year before April? Maybe you know how do you notify them? Need filling some form or may I can call them?
Expert:  Expert Lu replied 18 days ago.

Hello, the best is to call them .

Customer: replied 18 days ago.
I am joined about over 30 exchanges do you think HMRC can track all of them? I can’t even remember my self what i left in side these exchanges,
Expert:  Expert Lu replied 18 days ago.

Just try to get all info on what you can , if they track anything they will get hold of you themselves.  Do your best to recall.

All the best

Customer: replied 18 days ago.
Thanks
Expert:  Expert Lu replied 18 days ago.

You are most welcome