HMRC_user
Joined: 3/10/2024
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Crypto gift from Denmark - capital tax?
Hello, I (UK-only tax resident) have recently received a crypto gift (ca £9,000) from my friend in Denmark that I have partially cashed out. My friend is not my relative or partner. My capital gain is -
RE: Crypto Gifting to Son and CGT / Inheritance tax
Hello, My friend (residing in EU, not my relative or partner) gifted me crypto in late 2023-2024, the total as calculated at the time of gifting was ca £9,000. I have cashed out ca £5,900. The current total value of the remaining crypto is at present ca £4,000. Do I undestand correctly that if I cash it out now (before the end of the tax year), I do not need to pay CGT? My calculations: - The total value of gifted crypto at the time of gifting: £9,000. Market value of the gift at the time of disposal: £5,900 + £4,000 = £9,900. My capital gain: £9,900 - 9,000 = £900. Am I correct and do I need to report this gain through the online service or self assessment?