Crypto Gift from Abroad

Hello, Do I need to declare of fill in a form for gifted crypto from abroad? I was gifted crypto from my brother in Greece back in 2021. I have been holding this crypto on an exchange (no staking) since then. Now that the value has gone substantially higher, I'm considering selling some of them. I understand the profits will incur capital gain tax which I will have to declare. But what about the initial gift My question is about the gift from abroad, do I need certain evidence other than the crypto transfer?

Hi,

There are no Income Tax implications regarding the gift of crypto from your brother. As you are aware, if you dispose of the crypto, then you may be liable to pay Capital Gains Tax#.

Thank you.

Hello Im wondering if I will send cryptocurrency to my wife abroad ( Dubai ) do I need to pay tax on this? Or report that to HMRC

Hi,

If you are gifting this to your wife, then no. You can see guidance here:

Check if you need to pay tax when you sell cryptoassets

Thank you.

Hello, I am UK resident and my father wants to send me inheritance from Pakistan as I am in the process of buying house in the UK. It's expensive and time consuming to send funds from conventional banking channel. Could my father send me funds via crypto currency and if so, what evidence do I need to keep that funds received via Crypto is gift from my dad to avoid any issues later. Is letter or email from father sufficient or do I need any other document? I guess my question is what HMRC will consider reliable evidence? In addition, how do I declare gifts to HMRC in my tax return?

Hi
You would need evidence to confirm the transfer and also a value applied at the date of transfer in event you then sell the crypto as you would then be liable to capital gains tax for any increase in value. Gifts do not need to be reported on your tax return.