Skip to main content

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

Posted Tue, 01 Oct 2024 15:23:09 GMT by payeminion
Is it possible in the same tax year to sell crypto, and then buy back the same value, such that no CGT is due on the original sale? Is there something to do with a time period of 30 days? This is not trading, having hodled for many years. The coming budget is a gamble. I want to sell before the budget, but if the budget is not too unfavourable, then buy back into my investment. Any links I can read that I can actually understand?
Posted Wed, 09 Oct 2024 11:34:25 GMT by HMRC Admin 19 Response
Hi,
You can see guidance here:
CRYPTO22200 - Cryptoassets for individuals: Capital Gains Tax: pooling
Thank you.
Posted Mon, 14 Oct 2024 03:30:06 GMT by payeminion
Hi, thanks for the reply. I have read this before and just don't understand any of it. So as not to become liable for CGT, is it ok to 1) Sell crypto. 2) Buy back the crypto within 30 days (or after 30 days, which is it please?) 3) I would make the buy back to the same value of the sold crypto. Is this ok? It is impossible to buy back the same quantity, Prices vary every second, and crypto is made up of whole coins and decimal places. It's not like selling and buying shares that would be the same quantity as shares are just single units. The reasons for this is that I may want to sell before the Budget, and if the Budget is favourable to CGT on crypto, I would like to buy back what I sold. If unfavourable, the crypto would remain sold and then pay the CGT due at the existing rate. Thanks for any help.
Posted Tue, 22 Oct 2024 12:06:50 GMT by HMRC Admin 19 Response
Hi,
We cannot comment on any form of calculation, example or scenario, whether fact or fiction. We can only point you the direction of the guidance, so that you can review the guidance and to allow you to make an informed decision.  
If, after that you still need advice, you may wish to employ the services of a financial adviser.
Thank you.

You must be signed in to post in this forum.