Quote Originally Posted by Keith View Post
So ..in conclusion .......its a grey area lol
Yeah, and this is for stocks and shares, not even crypto. I'm not even sure if the govt treat them the same.

I'm not sure either if, when the time comes, I should be paying CGT on every transaction, or just on profits that are turned into fiat. If it's the former, that kinda makes this prohibitively difficult for me to continue. I can't track every single transaction I make, it would take far too long to calculate, and it would be very expensive to employ an accountant for that purpose. If I trade safesun into USDT and then back to safesun, making an on-paper profit of, say, £20k at the time of the trade, should I pay tax? The asset is still safesun. I believe, and hope, that I'd pay tax when I put that money into my bank. While it's a cryptoasset, it's not real profit. That coin could crash overnight and my profit falls to £10k, under the threshold. Or it could increase and the taxman would be due more. If I'm being taxed per transaction, and when I cash out into fiat, that means I'm being taxed twice for the same asset.

I intend to pay CGT on anything that goes from an exchange into my bank account. I might have to pay income tax instead, I'll cross that bridge when I get there. But I'm not going to pay tax twice on the same asset.