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Posted Wed, 26 Oct 2022 06:31:55 GMT by grayches
I have many crypto assets and some in defi projects where obtaining historical market values (or sometimes even current market values from farming) is difficult/impossible. I'm wondering if there are general rules I can follow to satisfy my tax requirements. I'd happily pay 'more' tax as it were to be on the right side of HMRC and just get everything up to date. For instance, On NFT's (purchased or airdropped) could I not just put a cost basis of £0. This would mean on disposal I would pay tax on the whole amount and so definitely satisfy any tax obligations? And then for farming, I can usually find values over a year, just not specific days that I would need but if I valued the whole year at the highest cost of that token, I would again be paying the maximum amount of income tax possible as the coin was never worth more than that value. I basically just want to get up to date. I used CryptoTaxCalculator and Ive got most things up to date, I just cant see a way around missing market values. I've contacted several crypto accountants who I am awaiting replies from but Im trying all avenues, hence the question.
Posted Fri, 11 Nov 2022 12:53:51 GMT by HMRC Admin 32

CRYPTO10400 relates to record keeping and advises that the onus is on the individual to keep their own records for each crypto asset transaction.  

 CRYPTO10400 - Introduction to cryptoassets: record keeping

We are unable to advise you how to work out your costs. You can find further guidance at CRYPTO22000.

CRYPTO22200 - Cryptoassets for individuals: Capital Gains Tax: pooling

Thank you.

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