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Posted Tue, 12 Mar 2024 14:33:53 GMT by dodo
Hi I have some questions about crypto capital gains and losses to offset gains, and the self-assessment if no capital gains. 1. As long as the transactions both capital gains and losses at the same financial year, I can combine all my capital gains/losses into one amount and take away the losses from the gains?? This 23/24 financial year, If I get capital gain £15,000 in total from A and B cryptocurrency. (A: £9,000 + B: £6,000) - £6,000(GCT allowance) = capital gain in total is £9,000 Also, if I get capital loss £16000 in total from C and D. (C: £10,000 + D: £4,000) = capital loss in total is £14,000 So, I have £5,000 capital loss and only report this amount of total money?? or should I report capital gains/losses separately? or I don't need to report any of them as there is no capital gain??? 2. I want to leave the cryptocurrency investment world. I have £5,000 capital loss only from above, but I don't want to claim. If so, I don't need to complete and hand in 23/24 self-assessment next year? Thank you so much in advance.
Posted Fri, 22 Mar 2024 10:47:48 GMT by HMRC Admin 25 Response
Hi dodo,
Capital losses can indeed be offset against any capital gains arising in the same tax year.
Based on the information you have provided, you would have no Capital Gains Tax to pay in the 2023/24 tax year.
However, if you have already registered  for Self Assessment (not clear from your question)  you should enter the relevant details in the Capital Gains pages (SA108) of your 2024 tax return.
Thank you. 

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