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Posted 2 months ago by Pawel Kaczmarek
Hi I make small amount of moneys by selling crypto and it is way below 3k allowance and disposal is way below 50k . Do i have to do self assessment?
Posted 2 months ago by HMRC Admin 8 Response
Hi,
Guidance on cryptoasset taxation is available online at Cryptoassets - GOV.UK (www.gov.uk), which also includes link to our more detailed guidance and link to a short video explaining how cryptoassets transactions are taxed for individuals.  
Individuals holding cryptoassets as a personal investment would generally be subject to Capital Gains Tax on the gains they make when disposing of the asset. Disposal can include, for example, selling cryptoasset for money, swapping one type of cryptoasset for another, using cryptoassets to pay for goods or services, or giving cryptoassets away. Please note that cryptoasset services providers, including cryptoasset exchanges, are not required to collect Capital Gains Tax from their users on behalf of HMRC.  
Individuals would generally be subject to Income Tax and National Insurance Contributions on cryptoassets which they received from other means, for example, from their employer as a form of non-cash payment for their employment.  
Individuals may also be liable to pay Income Tax on income generated from cryptoasset-related activities, such as mining and staking rewards.  
Please see the guidance for further details.  
The tax treatment of cryptoassets can be a complex area, and you may wish to consider obtaining professional advice.  
Thank you

 

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