Hi,
In the tax year just gone I have made around £40,000 via gambling on crypto betting websites. £30,000 of this I have converted into GBP and withdrawn from my crypto wallet to my bank account.
Two questions:
1) Do I need to pay any CGT on this (my profits from the general appreciation of crypto is minimal - less than £500)
2) If I don’t need to pay tax due it being gambling winnings rather than crypto profit, how do I prove this. A lot of my betting accounts have been closed (and therefore I cannot login to them) thus making it hard for me to prove to HMRC that my transactions have come from gambling winnings.
Thanks
I'm guessing that you would need to declare the CGT from any appreciation of the crypto/forex.
I do not believe that you would need to pay any tax on the winnings themselves.
Either way, asking for tax advice on a community forum is probably a dumb thing to do. Congratulations on your wins, and I think that the size of them should warrant you a good tax accountant to work with to sort this out proper.