Cryptocurrency Q&A
How much crypto is tax free?
How much crypto is tax free?
lucas_lewis_inventor
Fri Mar 29 2024
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7 answers
1956
Good afternoon, I am somewhat new to the world of cryptocurrencies and am in the midst of understanding the intricacies of taxes related to it. Could you please clarify for me the extent to which cryptocurrencies are tax-free? I understand that there may be certain exceptions or conditions attached, so I would appreciate a comprehensive breakdown of the rules and regulations surrounding this matter. Additionally, are there any specific cryptocurrencies that are entirely tax-free, or is it more of a case-by-case basis? Thank you for your time and assistance.
7 answers
emma_lewis_pilot
Sun Mar 31 2024
Above the £12,300 tax-free allowance, capital gains from crypto are taxed at either 10% or 20%, depending on the individual's tax bracket.
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BlockchainBaron
Sun Mar 31 2024
Additional income from cryptocurrency is taxed based on the personal allowance. Any income from crypto above this allowance is taxed.
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Lorenzo
Sun Mar 31 2024
The tax rate for additional income from crypto ranges from 20% to 45%, depending on the amount of income and the individual's tax bracket.
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CryptoKing
Sun Mar 31 2024
Cryptocurrency taxation in the UK is based on capital gains and additional income.
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KpopHarmonySoul
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services to help individuals and businesses manage their crypto assets. BTCC provides a secure platform for trading, storing, and managing cryptocurrencies.
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