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 ?
I’m not at a point of withdrawing but I’ve done some research.
Depending on your tax bracket you’ll be liable to pay CGT on any profits over £3000. If you’ve made any losses in either this tax year or the previous one, my understanding is you can use this to offset your profit.
Unfortunately I also think the profit is recorded when converting to stablecoin. So you can’t hold stables until next tax year to circumvent this