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CGT on cyptocurrency

Answer
Jo W
Posted Tue, 03 Sep 2024 21:27:01 GMT by Jo W
I bought some cyptocurrencies in 2020 and 2021, sell some in 2023. How should I calculate the cost of the cyptocurrencies? First in first out or Last in first out?
Answer
HMRC Admin 20 Response
Posted Thu, 12 Sep 2024 08:51:58 GMT by HMRC Admin 20 Response
Hi,
Your trading account should identify which ones have been sold to allow you to determine that.
Thank you.
Answer
Jo W
Posted Thu, 12 Sep 2024 21:13:24 GMT by Jo W
Sorry .. I don't quite understand .. the trading account in USA did not identify which ones have been sold. How should I calculate the cost for CGT purpose? Are there any rules on the identification? Thank you.
Answer
HMRC Admin 21 Response
Posted Mon, 23 Sep 2024 08:41:44 GMT by HMRC Admin 21 Response
Hi,
You would treat it the same as a S104 holding - Shares and Capital Gains Tax (Self Assessment helpsheet HS284).
Thank you.
Answer
Jo W
Posted Thu, 26 Sep 2024 20:18:46 GMT by Jo W
Thank you so much for your advice!
Answer
Jo W
Posted Thu, 03 Oct 2024 13:55:17 GMT by Jo W
If the total disposed asset is less than GBP49200 and the total Capital Gain is less than GBP6000, do I need to report the disposal and Capital Gain in SA108? Thank you!
Answer
HMRC Admin 20 Response
Posted Fri, 11 Oct 2024 09:31:01 GMT by HMRC Admin 20 Response
Hi,
No you do not need to report the disposal and Capital Gain in SA108.
Thank you.

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