Currently the HMRC personal capital gains annual exempt amount is at £12,300. This means that if your cryptocurrency (or other disposals like shares) after you have deducted the cost price and any other allowable expense involved in the purchasing or disposals, exceed £12,300 then you will be liable to pay capital gains tax on the profit.
THIS ANNUAL EXEMPT AMOUNT IS DUE TO CHANGE!
Tax year 2023/24 - Reduced to £6,000 per annum
Tax year 2024/25 - Reduced to £3,000 per annum
Make sure you are aware of these coming changes as it may make you liable for capital gains tax where as before you may have been under the annual exempt amount.
Tax doesn't have to be taxing!
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