Uk bitcoin tax how far back?

Tax Questions
1

Hi

I first bought Bitcoin in November 2017.
bought it at random, bit at a time. on Coinbase
Used it in 2018 to buy Ripple (lost a lot) on a different exchange (Gatehub)
In the down market (yes I know …Dumb) I used ripple to buy back into Bitcoin on Coinbase

I have bought at a few stages over the last few years

My overall investment is approx £7,500
Currently £25,000

  1. If I sold £6,000 would HMRC come after me?
  2. Also If I transfered £6,000 of bitcoin to my wife, can she also take it out?
  3. If I then used the £12,000 to buy more bitcoin is that an issue…
2

Hi @Tony_Donohue

  1. If you sell £6,000, would HMRC come after you?

• If your total capital gains for the tax year exceed the CGT allowance, you need to report it to HMRC and pay tax on the gains above the threshold. Check out :guardsman:‍♂ Crypto Tax Guide UK

• The key is to calculate your capital gain from the sale, not the sale amount itself.

  1. If you transfer £6,000 of Bitcoin to your wife, can she also take it out?

• We have an article regarding this: Tax-free gifts to a spouse, partner or a friend

  1. If you use the £12,000 to buy more Bitcoin, is that an issue?

• No, buying more Bitcoin is not a taxable event. However, if the sale and purchase happen within 30 days, HMRC’s bed-and-breakfast rule applies, and the cost basis will be adjusted to the new purchase price.

https://koinly.io/blog/calculating-crypto-taxes-uk-share-pooling/

If you’re unsure, consider consulting a tax professional.

3

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