UK Income Tax on Airdrops

Tax Questions
#1

Hey, I got full allocation for the $ZK drop, which at the point of claiming was £18K, so in my income for 24/25 I now see £18k.

I’ve read the official HMRC guidance as well as Koinly’s one which both say
"Income Tax may not apply if they’re received:

  • without doing anything in return (for example, not related to any service or other conditions)
  • not as part of a trade or business involving cryptoasset exchange tokens or mining"

I didn’t ‘work’ for my tokens and didn’t use the network in anticipation of receiving these tokens, I just got them. Is it safe to put the cost basis to zero?

#2

Hi @Bealers

We cannot answer this question as it can be considered tax advice. I suggest you reach out to a crypto-aware tax accountant regarding this.

#3

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