I made a small profit on cryptocurrency in the tax year 2022/23. It is less than the annual exemption for CGT purposes. If it is less than the CGT allowance, do you need to declare it on a self-assessment return?

Arthur Weller replies:

HMRC states (in its Crypto Assets Manual at CRYPTO20050) that profits made by individuals from crypto assets are subject to capital gains tax. In its Capital Gains Manual at CG10340, HMRC states that an individual is not required to make a self-assessment return of chargeable gains when:

(a) the total consideration for all disposals does not exceed four times the annual exempt amount (so for 2024/25: £3,000 * 4 = £12,000); and (b) the total chargeable gains do not exceed the annual exempt amount.