Cashing out fiat in UK?

[JamesDaniel90]

I have been investing in Crypto since November 2021 and up till now have not cashed out any fiat I have just been buying an holding.

Being from UK I see that we currently have £6,000 tax free allowance until April 2024 so does that mean we can withdraw up to this amount between now and then and we wont have any tax to pay?

I am thinking of cashing out maybe 10% of what I have invested so far when we next see a significant pump so just wondering how that would affect me if it does at all or is it ok as it would be well under the £6000 allowance?

[1715370605]

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[1715370605]

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[1715370605]

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[Porfirii]

I have been investing in Crypto since November 2021 and up till now have not cashed out any fiat I have just been buying an holding.

Being from UK I see that we currently have £6,000 tax free allowance until April 2024 so does that mean we can withdraw up to this amount between now and then and we wont have any tax to pay?

I am thinking of cashing out maybe 10% of what I have invested so far when we next see a significant pump so just wondering how that would affect me if it does at all or is it ok as it would be well under the £6000 allowance?

Are you talking about the Annual Exempt Amount for incomes under the general Capital Gains Tax-free allowances? Or is there a specific regulation on virtual assets/cryptocurrencies in the UK? I know something about laws and cryptos but your jurisdiction is a bit far for me, so if you could share any link to the free allowance you are talking about maybe I can or we can help you better.

[JamesDaniel90]

I have been investing in Crypto since November 2021 and up till now have not cashed out any fiat I have just been buying an holding.

Being from UK I see that we currently have £6,000 tax free allowance until April 2024 so does that mean we can withdraw up to this amount between now and then and we wont have any tax to pay?

I am thinking of cashing out maybe 10% of what I have invested so far when we next see a significant pump so just wondering how that would affect me if it does at all or is it ok as it would be well under the £6000 allowance?

Are you talking about the Annual Exempt Amount for incomes under the general Capital Gains Tax-free allowances? Or is there a specific regulation on virtual assets/cryptocurrencies in the UK? I know something about laws and cryptos but your jurisdiction is a bit far for me, so if you could share any link to the free allowance you are talking about maybe I can or we can help you better.

See link below, thanks

It may be obvious but like I said I have not cashed out any fiat yet and just want to know how it affects me if I do.

https://koinly.io/guides/hmrc-cryptocurrency-tax-guide/

[hd49728]

I have been investing in Crypto since November 2021 and up till now have not cashed out any fiat I have just been buying an holding.

Being from UK

You can use a filter for cash with https://kycnot.me/?cash=on and find exchanges which give you places to cash out to UK fiat currency GBP.

After all, if you have to make cryptocurrency accounting for your tax, some helpful tools for cryptocurrency accounting.
https://softledger.com/crypto-accounting-software
https://bitcoin.tax/
https://www.bloxstaking.com/
https://coinledger.io/
https://www.zenledger.io/

[YUriy1991]

If I'm not mistaken, when it comes to UK tax-free allowances, it usually refers to Capital Gains Tax (CGT) allowances. The CGT applies to profits made from the sale or disposal of certain assets, including cryptocurrencies, on top of an annual allowance. Withdrawals in allowances generally do not attract CGT.

If you decide to withdraw 10% of your investment, it is better to consult with your local tax officer before re-reading the contents of the article related to the withdrawal item you are aiming for because regulations can change over time and always comply with any amendments .I am personally optimistic that your investment decisions will give you the best results.

[Mbitr]

This is your 4th thread you’ve started on the SAME subject!!

https://bitcointalk.org/index.php?topic=5404645.msg60477758#msg60477758

https://bitcointalk.org/index.php?topic=5435425.msg61609306#msg61609306

https://bitcointalk.org/index.php?topic=5445305.msg61930434#msg61930434

There is no need to keep starting new threads on exactly the same topic ??

PS Have a look at your trust page  -seems you have a bit of a trend

Try bumping your older threads rather than starting new ones as your other threads may get reported to the mods as spam ?

[JamesDaniel90]

This is your 4th thread you’ve started on the SAME subject!!

https://bitcointalk.org/index.php?topic=5404645.msg60477758#msg60477758

https://bitcointalk.org/index.php?topic=5435425.msg61609306#msg61609306

https://bitcointalk.org/index.php?topic=5445305.msg61930434#msg61930434

There is no need to keep starting new threads on exactly the same topic ??

PS Have a look at your trust page  -seems you have a bit of a trend

Try bumping your older threads rather than starting new ones as your other threads may get reported to the mods as spam ?

Thank you for your input

[Mbitr]

This is your 4th thread you’ve started on the SAME subject!!

https://bitcointalk.org/index.php?topic=5404645.msg60477758#msg60477758

https://bitcointalk.org/index.php?topic=5435425.msg61609306#msg61609306

https://bitcointalk.org/index.php?topic=5445305.msg61930434#msg61930434

There is no need to keep starting new threads on exactly the same topic ??

PS Have a look at your trust page  -seems you have a bit of a trend

Try bumping your older threads rather than starting new ones as your other threads may get reported to the mods as spam ?

Thank you for your input

I believe you’ve had PLENTY of input on this topic , but realistically you’ve taken NO actual advice and are just churning the same thread.

Anyway  - as the old adage says “ you can lead a horse to water, but you can't make him drink”.

[OcTradism]

This is your 4th thread you’ve started on the SAME subject!!

https://bitcointalk.org/index.php?topic=5404645.msg60477758#msg60477758

https://bitcointalk.org/index.php?topic=5435425.msg61609306#msg61609306

https://bitcointalk.org/index.php?topic=5445305.msg61930434#msg61930434

There is no need to keep starting new threads on exactly the same topic ??

PS Have a look at your trust page  -seems you have a bit of a trend

Try bumping your older threads rather than starting new ones as your other threads may get reported to the mods as spam ?

Maybe a troll or maybe repetitions to beg merits. Hope to get luck and get merit.

jerry0 case. Similar style like @jerry0 but I don't imply @JamesDaniel90 is alt of @jerry0.

[Smartvirus]

This is your 4th thread you’ve started on the SAME subject!!

There is no need to keep starting new threads on exactly the same topic ??

PS Have a look at your trust page  -seems you have a bit of a trend

Try bumping your older threads rather than starting new ones as your other threads may get reported to the mods as spam ?

Maybe a troll or maybe repetitions to beg merits. Hope to get luck and get merit.

jerry0 case. Similar style like @jerry0 but I don't imply @JamesDaniel90 is alt of @jerry0.

It evident enough that this is customary to OP and OP has got some fans already to display the inevitable on his or her trust page. Hopefully OP gets the message and turns a new live to that which has become of his or her approach towards the forum.

Though, it would have been a thing of interest to me on how these subject is handled as per converting crypto assets to its fiat equivalent over there. I think YUriy1991 had a good say on the matter and as much as it makes sense to some extent, a little more detailing would be nice.

Hopefully, the subject be useful to OP even as we beacon on OP to avoid making duplicate threads and bump existing onces instead.