About CGT

[divergo91]

Hello there please i need someone more competent than me to explain me some things about capital gain tax , basically last year i made by December from cryptocurrencies around 17 000 eur but by 31 of martch i had only 2 000 so when i am doing a tax return do i need to pay tax on the 17 000 or on 2000 ? Or more easy said if i am trading all year on the stock market and i made some profit but at the end of the year i am on loss do i own tax to HMRC or ?

[darthblingbling]

Whatever the gain is when you sold/disposed of the cryptocurrency.

Note if this is a trade for you then it may be subject to income tax and not CGT.

[AGoodman]

Unless you are making a high volume of trades, this will usually be treated as investment activity - so gains/losses.

You need to work out the gain/loss in GBP on each individual disposal, just as you would with shares. The net position will be your chargeable gain for the year, which is subject to the annual allowance.

If you haven't already, time to learn about spreadsheets.