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I’ve currently got about £11,000 worth of crypto. I earn £22,000 a year in salary, so I’m in the basic income tax bracket.
With the new capital gains allowance dropping to £3,000, I was wondering: could I just sell up to £3,000 worth of crypto each tax year (say between May and December) into Coinbase and reinvest or cash out and stay under the allowance so I don’t owe any capital gains tax?
I don’t actually know how much I originally invested (my cost basis is messy). Does HMRC look at the total amount I withdraw each year, or just the gains? And would this annual £3,000 approach actually work in practice?
submitted by /u/Extension_Laugh4128
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