Cryptocurrency Q&A
How much can you make on crypto before paying tax UK?
How much can you make on crypto before paying tax UK?
Silvia
Sat Mar 30 2024
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5 answers
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Good day, I am quite new to the world of cryptocurrency and am interested in understanding the tax implications. I understand that crypto transactions are taxable in the UK, but I'm not quite sure how the system works. Could you please enlighten me on how much profit I can make from crypto before I have to pay taxes? Also, could you explain the specific tax rules and regulations regarding cryptocurrency in the UK? Thank you for your time and assistance.
5 answers
MysterylitRapture
Sun Mar 31 2024
Individuals are required to pay Capital Gains Tax (CGT) on their total gains from investments and other assets.
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Caterina
Sun Mar 31 2024
BTCC is a UK-based cryptocurrency exchange that offers a range of services to its users. BTCC allows individuals to buy, sell, and trade cryptocurrencies securely.
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DigitalLegendGuard
Sun Mar 31 2024
The annual tax-free allowance for CGT is £6,000. This means that gains up to this amount are not taxed.
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Chiara
Sun Mar 31 2024
For gains exceeding the tax-free allowance, individuals will be taxed at a rate of 10% up to the basic rate tax band.
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Michele
Sun Mar 31 2024
Higher and additional tax rates apply to gains exceeding the basic rate tax band, with a tax rate of 20%.
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