Received gifted crypto and now planning to cash out. Are recent UK capital gains tax changes correct, with lowered allowances and increased tax rates?
i think these updatd guidlines are on point, but be careful with the calcaultion of your cost basis. might be wise to chat with a tax pro if you r unsure. for me, they legitly reflect the tighter rules
The updated guidelines appear to reflect a more conservative approach to crypto transactions. In my experience, it is essential to have a detailed record of all transactions, especially when dealing with gifted assets. Meticulous record-keeping helps avoid errors when calculating cost bases, which can be quite challenging with different acquisition dates and valuations. While the adjustments in allowances and tax rates may seem strict, they serve to improve transparency in reporting. Personally, I found that preparing documents in advance and consulting with a tax specialist when in doubt has proved invaluable over recent reporting periods.