Quote from: Krytokee on Today at 03:01:24 PM

Quote from: Lucius on Today at 02:56:34 PM

You obviously want to sell your crypto if I understood correctly, and to do that one of the most common options is to create an account at one of the famous crypto exchanges. After you send the crypto to the exchange, and sell it for fiat - you have the opportunity to make a transaction of these funds to your bank account.

Since I see you mention HMRC, it means that you are from the UK, so there is a possibility that you need to pay capital gains tax (if it exists), which will be better explained to you by someone from there.

For someone who has crypto, it's a little weird that you're not even familiar with the basics - if it's no secret how you came into possession of those cryptocurrencies?

This was inherited them after my uncle passed away. (i have made several posts about this already)

So in order to extract from the wallet I need to sell the coins even though there is a large value on it? I cant just withdrawn it into a bank account? Seems very unusual and rather complicated.

K

Yes if you want the GBP you have to sell them first - think of them more like shares in a company - if you had been left shares they would have a significant value but they can’t just be “sent” to a bank account you would have to sell the shares on an exchange and then transfer the resulting GBP.

Regarding tax - firstly there may have been inheritance tax paid as they would have formed part of your uncle’s estate. That is the responsibility of the estate not you. When you sell the Bitcoin CGT may be due if the value has gone up in the period between you inheriting them and selling them. Don’t forget you have an annual CGT allowance and it is only gains in excess of that allowance (£12,300 this year) which will incur CGT.

Finally if you just want to transfer the coins to your direct control then you can obviously do that by setting up a suitable wallet or you could use Revolut which is a bank account that also supports some crypto currencies.