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Posted Wed, 19 Oct 2022 10:23:35 GMT by Max B
When keeping records of digital assets how should conversions be performed? The only reference I came across in the Cryptoassets Manual was: "value of the transaction in pound sterling (as at the date of the transaction)" Digital asset prices vary across different exchanges. 1. Does the HMRC have a database or API of digital asset prices that can be used to calculate the value in pound sterling for all digital assets? 2. If not, is it acceptable to use the CoinGecko API to make the conversion for self assessment. * CoinGecko is a de facto industry standard API for converting prices by aggregating feeds from various pricing sources.
Posted Tue, 01 Nov 2022 08:46:49 GMT by HMRC Admin 19

You can see guidance here:

CRYPTO23000 - Cryptoassets for individuals: valuation

HMRC does not have database, but crypto 23000 advises "reasonable are should be taken to arrive an an appropriate valuation for the transaction using a consistent method. Details of the valuation methodology should be kept".  

It then goes on to say we can liaise with Shares Assets and Valuation where assistance is required for agreeing a value so you can work it out or use any platform, as long as you keep a record of your methodology.

Thank you

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