UK Tax question I have raised

I am current on trial period with your software and it has done a good summary of my trading in two periods.

I have loaded up my history from two exchanges

  1. from June to Dec 2020 with Coinbase
  2. From January to now with Finance

BUT for tax it is key to note as evident in the transactions that:

  • In december I liquidated all my coin base holdings

  • In January I started again with Binance.

Your software does not appear to recognise the disposals which under UK tax would become taxable as i understand it regardless of buying back shortly after. It shows the whole gain as unrealised and rolls the first coin purchases with coinbase into the net average costs of the second coin purchase phase with Binance. In UK tax I think this is only the case if the earlier sales were at a loss not for a profit.

Is this something that is adjusted for in the final statements for the tax return, if not are you sure this is correct under UK tax?

Please advise as without proper calculation of the tax the use is somewhat limited for my purpose.

As a further development it would be useful to have a tax free transfer option e.g. to my wife.

regards

Derek

Unfortunately @Koinly seem to have abandoned these boards.

In the transactions list, click one of the January buybacks and it will expand to show more detail. Inside there you will find a “Cost analysis” option where it explains the cost calculation.

I suspect in your case it’s the UK 30 day rule coming into play.