Crypto tax

Hi there . I have a question about crypto . In 2024-25 after the bull market I will have a bank deposit of around 700k , so will my bank account get blocked by HMRC etc.?? I know I will have to pay taxes like 150k but I just want to get ready and know what's probably gonna happen. Regards

Hi

You would need to declare any gains you make on any disposals of cryptoassets to us, and if there is a gain on the difference between his costs and his disposal value he could potentially be liable for Capital Gains Tax.  
Please take a look at Check if you need to pay tax when you sell cryptoassets and
Cryptoassets Manual
as well as general advice on capital gains tax
Capital Gains Tax: what you pay it on, rates and allowances

Thank you

Ok thank U . But I've heard that people got their bank accounts blocked because HMRC can see large deposits into banks. Can my account be blocked as well. If so how to unblock the account. Regards

Hi Marekcrypto,
As this is a future event, you would need to wait until it has occured to see what happens. if blocked you would likely receive contact from HMRC advising you  how to resolve the matter.
Thank you.

Can I sell part of my cryptocurrency on one tax year and hold the other half another tax year to use the capital gain tax free allowance more than once?

Hi,
Yes.  Capital gains tax is calculated using the 'arising' basis.  In this case it would be the tax year in which the disposal arises.
Thank you.