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Posted Wed, 20 Mar 2024 14:26:58 GMT by JH
Hi I'm currently in full time employment 1257l tax code. Recently this month I invested some money in bitcoin which I am expecting to get £195,000 which hasn't come in my main bank yet. I want to know how do I calculate the tax I need to pay? I plan to give half to my wife as gift and some to my brother do I I need to pay tax if I'm gifting the money to them as I am hearing mixed feedback. I don't feel comfortable going to an accountant and want to do it myself or can I do it over the phone?
Posted Mon, 25 Mar 2024 15:16:05 GMT by HMRC Admin 5 Response
Hi

You would be liable to capital gains on this and it would only be tax exempt as a gift if the actual bitcoin had been transferred to your wife. As you will receive the funds to then make the gift, the full amount is still taxable.
Guidance is available at Capital Gains Tax: what you pay it on, rates and allowances

Thank you

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