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Where Taxpayers and Advisers Meet

CGT on Crypto/ transfer to spouse

Harrysangha
Posts:1
Joined:Tue Nov 09, 2021 11:39 am
CGT on Crypto/ transfer to spouse

Postby Harrysangha » Tue Nov 09, 2021 12:06 pm

Hello all, just need some advice please on crypto and family tax planning.

I am married and have purchased some crypto under my name. My wife is within the basic rate tax band and I am at the higher rate.

I believe the most tax efficient way to split the gains is to use my personal allowance and then my wifes and anything above this will be allocated to my wife so she will pay the lower CGT rate at 10%.

I put in place a written agreement between my wife and I stating that although the crypto is being bought in my name, this is purely for managing it and the gains/ownership will be split between us in whichever way reduces our tax bill as a married couple.

I have spoken to a few friends who suggest I should still transfer the crypto under my name to hers but have had some advice that this is not necessary and current arrangement is perfectly acceptable.

Was just hoping to get some more thoughts please -thank you so much for reading and let me know if you have any questions.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: CGT on Crypto/ transfer to spouse

Postby bd6759 » Tue Nov 09, 2021 9:00 pm

You will be taxed on the full gain unless you can demonstrate that defined amount was beneficially owned by your wife prior to the sale.

Your “agreement” is ineffective. It shows that you still have a beneficial interest in the whole.


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