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Posted Mon, 30 Oct 2023 21:17:11 GMT by robert lea
I am paid for work in crypto and invoiced in usd. Am I allowed to gift any crypto to my spouse to use their capital gains allowance or would I have to pay income tax on this? If I do need to pay income tax how do I calculate the value?
Posted Wed, 01 Nov 2023 14:29:14 GMT by HMRC Admin 25
Hi robert lea-kime,
You can only gift to your spouse after you have declared the income in your tax return.
That gift would not be subject to income tax or Capital Gains Tax.
Thank you. 
Posted Wed, 01 Nov 2023 15:04:44 GMT by robert lea
To clarify this, If e.g I am paid income in crypto with value £6000, I gift this crypto token to spouse, my spouse then disposes of the token for £6000. Am I correct in liabilities being; £0 income tax and £0 capital gain for myself £0 income tax, £6000 capital gain for my spouse? I recently asked this via twitter to HMRC and they confirmed the above was correct, please see; [admin removed link] Can you confirm here too please
Posted Thu, 02 Nov 2023 15:46:37 GMT by HMRC Admin 20
Hi robert lea-kime,
That is correct.
Thank you
Posted Thu, 02 Nov 2023 16:11:55 GMT by robert lea
Thanks, just to clarify again as the previous reply stated I need to declare the income in my tax return, is this declared differently as it would have been gifted to my spouse in my example so not subject to income tax. How is this declared in the self assessment please?
Posted Wed, 08 Nov 2023 15:36:09 GMT by HMRC Admin 20
Hi robert lea-kime,
The portion of your income, given to your wife is still your taxable income, which you have to declare in your tax return.  
You are taxable on all of your income, even if you give some to your wife.
Thank you.

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