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Cryptos and CGT

  • 13-12-2017 3:35pm
    Registered Users Posts: 26,441 ✭✭✭✭

    The most recent info I can find on cryptos and CGT is the below, which is going on 4 years old.

    Anyone got anything more recent and definitive?

    The below clearly says to me that any time you dispose of a currency you are disposing of an asset and are liable for CGT on any profits.
    It makes no mention of only being liable when disposing into EUR, even if in reality that is the only time anyone else is going to know anything about your profits.

    Anyone disagree, and if so, why?
    CGT is chargeable on gains made on the disposal of assets. Section 532(b) Taxes Consolidation Act 1997 states that any currency other than the currency of the State is an asset for CGT purposes. Where a person acquires any foreign currency i.e. other than Euro, he/she has acquired an asset for CGT purposes. If that person subsequently converts that foreign currency into Euro or into another foreign currency that would constitute a disposal of an asset for CGT purposes.