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Posted Wed, 06 Nov 2024 18:25:21 GMT by LeviPowell5696
Me and my brother invested in Cryptocurrency in 2017 together. We both put 50/50 in 2017. How do we account for Capital Gains on profit or losses? I have tried look at guidance but I cannot find anything.
Posted Tue, 12 Nov 2024 11:21:00 GMT by HMRC Admin 34 Response
Hi,
If you dispose of the crypto currency for more than you acquired it for, you have a gain. If the gain exceeds the annual exempt allowance, then you need to report your 50% share of the gain. Please have a look at the guidance on tax when you sell shares as this will apply to crypto currency.
Tax when you sell shares
Thank you

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