Taxable events (UK)

Tax Questions
#1

Am I right in thinking that you are only taxed on taxable events in a given tax year?

So say I have been trading in the 2020/2021 tax year, sold everything to BTC before the 5th of April 2021, paid my tax on all my trades and realised gains for that given tax year, but then didn’t sell my BTC until 2031 am I right in thinking I would only be expected to pay tax once I sell my bitcoin again? So for the 10 years that I was holding from April 2021 I incur no tax on the fluctuations of BTC’s price because no taxable event has taken place.

I will only be taxed again once another taxable event has taken place. So if I sell in 2031, I’m taxed on the profit made between the price it was back then and what it’s value is now?

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#2

Hi, yes that sounds right. If you are only holding coins then theres no taxable events. I dont believe UK has a “wealth” tax on holdings so you shouldnt have anything to declare (I am not an accountant!).

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#3

My accountant seems to think the same thing. Thanks very much.

#4

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