Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Fri, 25 Oct 2024 07:19:43 GMT by deanduke
Hello, Trust you are good. I have two questions about crypto and CGT. Question 1 I have some crypto on my name. I want to transfers part of that to my wife and my accountant says "transfers between spouses are on a no gain – no loss basis, but it needs to be done in a formal way, with this regards your account provider should be able to advise you. Generally, on normal shares, there are share transfer forms to be completed." I'd like to know which formal way is needed for crypto. Question 2 In terms of payment on account, I'd like to have confirmation if capital gains tax is part of the POA calculation or not. Thanks and regards. D.
Posted Thu, 31 Oct 2024 15:08:26 GMT by HMRC Admin 20 Response
Hi,
In answer to your questions
1. there needs to be some legal form completed to show that the transfer has taken place and there is a new owner to ensure capital gains is correctly appied.
2. No, CGT is not include when working out POA
Thank you.
Posted Fri, 01 Nov 2024 16:21:03 GMT by deanduke
Hi, thanks for your reply. Could you please be more specify on number 1? Is there like a template I can use? D.
Posted Wed, 06 Nov 2024 14:32:24 GMT by HMRC Admin 34 Response
Hi,
There needs to be evidence that the crypto was actually transferred prior to sale to show the correct legal owner to be charged the CGT on.
There is no tempate and you may wish to discuss with a financial adviser.
Thank you

You must be signed in to post in this forum.