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7th January 2025 at 8:23 am #146115
Does anyone know if crypto casino winnings are tax free? Obvs normal uk bookies is tax free, but wondering if same for crypto side as crypto itself is taxable
7th January 2025 at 11:41 am #146121Yes they are liable for tax.It makes no difference how you increase your crypto value, either through gambling or just an increase in coin price.
If the crypto casinos were regulated and paid uk tax, then you probably wouldnt have to, but they dont.
Unless i had a very large win,i wouldn’t bother sending it back to the exchange and withdrawing it. I just keep mine in a defi wallet and buy giftcards for everyday expenses.14th January 2025 at 10:03 am #146262Not sure this is quite right. There’s a reply from HMRC in this thread that quite clearly says it’s not taxed
https://community.hmrc.gov.uk/customerforums/cgt/314e6a0e-5222-ef11-a81c-0022481b6308
Might be wrong though
14th January 2025 at 9:12 pm #146285if you don’t profit from crypto you don’t have to pay tax… only if you keep crypto and make a profit from crypto you need to pay tax, a year ago one of the crypto wallet ask me for SOW I told them is gambling I show transfers they told me is tax free
covi time I start trading crypto, over £5k a year profit you pay tax, under £5k you pay 0 tax
14th January 2025 at 10:11 pm #146291Not sure this is quite right. There’s a reply from HMRC in this thread that quite clearly says it’s not taxed
https://community.hmrc.gov.uk/customerforums/cgt/314e6a0e-5222-ef11-a81c-0022481b6308
Might be wrong though
If TG casino was licensed by the ukgc as stated by the gambler who asked the question,then he wouldn’t have to pay tax. Unfortunately it isnt licensed, so he misinformed the hmrc admin who replied to him.
15th January 2025 at 12:27 am #146296if you don’t profit from crypto you don’t have to pay tax… only if you keep crypto and make a profit from crypto you need to pay tax, a year ago one of the crypto wallet ask me for SOW I told them is gambling I show transfers they told me is tax free
covi time I start trading crypto, over £5k a year profit you pay tax, under £5k you pay 0 tax
Your first 3 grand is tax free. Anything above is taxable. Then depending on your wage depends on the taxable rate. It used to be 12k a year free. Fucking government keep screwing us. I’m expecting to make a shit load this year and the thought of paying like 50k in tax makes me sick. Almost don’t wanna cash it in and wait for the next bull run after this one
15th January 2025 at 6:55 am #146301https://community.hmrc.gov.uk/customerforums/pt/487d1d89-1c70-ef11-a4e5-6045bd0c8ae7
think you’re wrong on that one. Looks like you’re liable for where the other country is. Any Gambling winnings cannot be taxed in the UK. That includes crypto
16th January 2025 at 6:32 pm #146326if you don’t profit from crypto you don’t have to pay tax… only if you keep crypto and make a profit from crypto you need to pay tax, a year ago one of the crypto wallet ask me for SOW I told them is gambling I show transfers they told me is tax free
covi time I start trading crypto, over £5k a year profit you pay tax, under £5k you pay 0 tax
Your first 3 grand is tax free. Anything above is taxable. Then depending on your wage depends on the taxable rate. It used to be 12k a year free. Fucking government keep screwing us. I’m expecting to make a shit load this year and the thought of paying like 50k in tax makes me sick. Almost don’t wanna cash it in and wait for the next bull run after this one
I moved my address to Channel Islands, on profit is 0 tax
17th January 2025 at 3:17 pm #146343https://community.hmrc.gov.uk/customerforums/pt/487d1d89-1c70-ef11-a4e5-6045bd0c8ae7
think you’re wrong on that one. Looks like you’re liable for where the other country is. Any Gambling winnings cannot be taxed in the UK. That includes crypto
I guess if its come straight from HMRC, then that must be the case and ive been misinformed! I shall certainly bookmark that forum page on the off-chance i get a huge win! 😃
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