Cryptocurrency airdrop

Hi, I've read "CRYPTO21250 - Cryptoassets for individuals: Income Tax: airdrops" but looking for more clarity. I have received a retroactive airdrop and I'm unsure whether this is subject to income tax. I received the airdrop as I had, in the past, used a certain app. The guidance states: "Income Tax will not always apply to airdropped tokens received in a personal capacity. Income Tax may not apply if they’re received: without doing anything in return (for example, not related to any service or other conditions)" When I used the app, there was no public information that an airdrop was planned. I did not know I would receive an airdrop or that I was doing anything in return to potentially receive one in the future. I was experimenting with new software and did not expect to gain financially. Would this be subject to income tax? I know once the airdrop has been sold, it is subject to CGT. Thank you. Ben

Hi Ben Ali,

From the details provided, you do not appear to meet the conditions at - "without doing anything in return (for example, not related to any service or other conditions)
not as part of a trade or business involving cryptoasset exchange tokens or mining - and as such, no income tax is due."

Thank you.

 

HI how about capital gain tax? or any other tax i need to pay for this situation?

Hi MJK,

Please refer to guidance at:-  CRYPTO21250 - Cryptoassets for individuals: Income Tax: airdrops

Thank you.