Skip to main content

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

Posted Tue, 12 Mar 2024 03:53:31 GMT by BevCat
Crypto bought with a “uk wallet” on coinbase. I am not longer a uk tax resident, I am not a Canadian tax resident. If cashing out some money from crypto sales, do I pay capital gains tax in the uk or canada?
Posted Tue, 19 Mar 2024 09:51:48 GMT by HMRC Admin 8 Response
Hi,
Based on what you have stated, the deposit you have effectively had to pay back to the prospective buyer, does not meet the wholly & exclusively rules:
CG15250 - Expenditure: incidental costs of acquisition and disposal
CG15160 - Expenditure: categories of allowable expenditure
You do state that they settled for an amount lower than what you should have paid, so do you mean that you paid back less than the amount of deposit you received?  
If that's the case, you haven't incurred a loss. 
Thank you.

You must be signed in to post in this forum.