Bitcoin Tax UK | How to Avoid Crypto Tax UK

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Bitcoin, or cryptocurrency in general, has been on a wild ride recently. With so many people benefitting from the huge gains that crypto has produced, a lot money has been made. But, as cryptocurrency is classed as an asset, there are taxes to be paid!

In this video, I explain exactly how tax applies to bitcoin and other cryptocurrencies in the UK. After that, I'll give a few tips on how you can legally avoid paying these taxes.

As cryptocurrency is classed as an asset, any gains are subject to capital gains tax. Whenever we sell crypto for a profit, the capital gains are locked in and can be taxed if they exceed your capital gains tax free allowance of £12300 per year. To minimise the capital gains tax that we pay, we have to invest smartly and plan our portfolios accordingly. Make sure to watch to the end to find out all the ways that you can avoid paying taxes on cryptocurrency growth.

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Timestamps:
0:00 Introduction
1:11 Cryptocurrency
1:44 How does crypto tax work?
3:17 Capital gains tax explained
4:43 How to avoid crypto tax
5:14 Use your stocks and shares ISA!
6:35 Bed and breakfasting
7:39 Tax loss harvesting
8:34 Inter spousal asset transfers

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DISCLAIMER: We do not provide personal investment advice and we are not qualified or licensed investment advisors; we are amateur investors who simply love investing. We qualify our information by reading academia, listening to licensed professionals on podcasts and by reading related books written by industry professionals.

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