Income on on UST income vs. Capital Loss on UST collapse? [UK}

Tax Questions
#1

UK-based query: My [non-crypto specialist] accountant has asked:

“Are you able to offset some of the current year capital losses against the small trading income profit received from your crypto investments in the current year?"

I previously held an amount of UST (the so-called stablecoin) which was generating a paper-interest/income [which I never withdrew from the exchange]. The value of the stablecoin (formerly pegged 1:1 USD) then collapsed leading to a large capital loss of the same coin. Given that the value of the income/interest (which was paid in kind, in UST) thus also collapsed, my accountant is wondering whether there’s an opportunity to offset the income (or not, as the case may well be).

Thanks for your time, daveb.

#2

Eek - No idea from a staff standpoint!

Unfortunately, we don’t have any UK crypto specialists on staff - we can however recommend some Crypto Specialists in the UK - see below :slight_smile:

#3

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