Yusuf Burak Kocaman
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Transfering Crypto Assets to the UK from abroad
I just moved to the UK. I am planning to transfer my money to the UK. I want to transfer it via crypto exchanges as it is the easiest, fastest and cheapest way. I have 3 questions which I could not find any relevant information about; 1. As far as I can see, there is no restriction or limit on crypto asset deposits from an international crypto exchange account to the UK crypto exchange account, right? (I am happy to provide any details of the sender account which belongs to me if HMRC or “gov.uk” asks.) 2. After transferring my money to the UK crypto exchange account, do I need to pay tax for this? 3. If I need to pay tax, how do I calculate the buying price and profit as I actually did not buy it? Can we assume that I bought the token when I got it to my UK account from the price at that time? At the end of the tax year, can I declare it like this to HMRC? (For instance, I sent 1 bitcoin to my UK exchange account and at that time 1 bitcoin equals £50,000. And I sold it next week when it was equal to £60,000. Do I need to pay capital gains tax for that £10,000 or there is no need for tax pay as I did not buy it?) Thanks in advance.