Cryptocurrency Gift from Overseas

Hi Team, I am looking for some clarification on crypto gifts specifically. I am anticipating a crypto gift at a value of $50k from overseas and it will be sent to my UK bank account as crypto (the bank accepts crypto) I understand that if I withdraw this crypto as fiat (GBP) I am subject to capital gains tax. I expect to convert the crypto to GBP immediately and therefore I do not expect any gains. This would mean the money is not taxable, is this correct? Further to this, I am concerned that receiving this gift, due to the amount, will flag my account in some way. The crypto gift is from a friend overseas. Is there anything I need to do, to prove that it is a gift, for example, any records I need to show? Or only when I withdraw it must i submit it for CGT? Thank you for your time!

Hi

There is no tax for you to pay on the receipt of the gift.  
Many cryptoassets (such as bitcoin) are traded on exchanges which do not use pound sterling, so the value of any gain or loss must be converted into pound sterling  in order to give it a value.
As you are doing this to release the funds and not actually trading, no CGT will be due if the value is the same. For proof you would need to send something in writing from the person who is making the gift

Thank you

Hi Admin, What would happen in a situation where the value of the gifted crypto assets decreases in value and you sell it at a loss in comparison to the market price of the asset when you received the gift? Does this count as a loss which can be carried forward?

Hi,
It depends on what the relationship is with the person who gifted it to you. You can see guidance here:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you.