Withdrawing GBP from crypto gains UK
Withdrawing GBP from crypto gains UK
Hey guys,
I will be withdrawing around £20k of GBP to my bank account in the UK soon as I have x4 my investment in crypto luckily.
How does the whole tax angle work? Will it be automatically applied, how do the government know how much profit I have made on my investment (capital gains).
Any legal ways of avoiding a big 40% tax slap, maybe withdrawing a smaller amount ?
If its a capital gain from trading it’s 10% or 20% depending your tax bracket, the higher rates(20-45%) only comes into play if the profit is from an earning as it then becomes an income rather than a capital gain. Well worth getting an accountant to do a self assessment tax return for you to ensure you are paying the correct amounts of tax. It could save you money and hassle from the tax man.