Hello,
Please can you advise me on a UK tax rule.
If I am trading a Utility coin on the Etherium network then I trade that coin for Etherium which makes a capital gain of £20K, if Etherium then drops in value by 50% for arguments sake, I am then in a position where I owe cap gains on 20K but only have 10K of Etherium which is not even in my bank yet to make the payment.
Can you find yourself in a position where you owe lots of cap gains tax but because you did not immediately convert the crypto to fiat, and the crypto you converted to has dropped significantly in value?
It seems HMRC are very quick to want the cash for a gain but if you were to make a lose they wont give you money back the following year!
Any help much appreciated
