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Posted Mon, 04 Mar 2024 12:52:38 GMT by Cat
My partner and I (we're de facto) moved to the UK from Australia last year and we are now British tax residents. I don't currently work and I have no income, however my partner's income is such that any CGT he personally makes above the tax fee threshold would be taxed at the higher rate of 20%. My partner owns cryptocurrency in an Australian based exchange/wallet which he is considering selling for Fiat. If he gifts the cryptocurrency to me in an Australian exchange/wallet and I then sell it for AUD with the proceeds going in to my Australian bank account, is this taxed in the UK and if so, how? My understanding is that crypto can be given as a gift in Australia to anyone and the act of gifting is not taxed, vs the later sale. I don't think this is the same in the UK. Does anything change if the proceeds are later transferred from Australia to our UK bank account?
Posted Wed, 06 Mar 2024 11:49:49 GMT by HMRC Admin 20 Response
Hi Catherine Macneil,
There is no gain to pay on the actual transfer of the cryptop, however, if you later sell it, a gain will therefore arise and the price is based on what your partner originally paid. all gains must be reported in sterling - Report and pay your Capital Gains Tax
Thank you.

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