Grzegorz Brzęczyk
Joined: 3/23/2024
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Gift in crypto from abroad coming from friend
Hello I have question. I am a Polish citizen and have been living in the UK for 9 years. I have a settled status. A friend from Poland would like to give me $70,000 in USDT cryptocurrency as a gift by sending it to my account on a cryptocurrency exchange. I would then like to sell this cryptocurrency as soon as possible and withdraw GBP to my bank account. Should such a gift be taxed as capital gains (CGT)? If so, at what point does the tax liability arise? Where and how do I have to report such a gift? Thank you and best regards.