Pulling crypto to a bank account UK

[Lucky Phil]

Hi All,

I have a substantial amount in crypto and would like to pull it to my UK bank account.

I have a few questions if anyone can assist

1) What are the tax implications on this? Do I need to pay CGT on any gains? Do I need to do a tax return?
2) What sort of things do the exchanges ask for when withdrawing substantial amounts of money? I have heard that there are many hoops to jump through and they don't make it easy for you
3) Do I need to set up a business bank account? Is there a limit to how much you can pull into your current account before it gets flagged?

TIA
LP

 

[Lufut]

You’ll need to use a cryptocurrency exchange or trading platform that supports withdrawals to a UK bank account.

 

[haroonsaeed56]

You need to sell on Binance or Bybit with the help of p2p

 

[thegamerhero]

Hi All,

I have a substantial amount in crypto and would like to pull it to my UK bank account.

I have a few questions if anyone can assist

1) What are the tax implications on this? Do I need to pay CGT on any gains? Do I need to do a tax return?
2) What sort of things do the exchanges ask for when withdrawing substantial amounts of money? I have heard that there are many hoops to jump through and they don't make it easy for you
3) Do I need to set up a business bank account? Is there a limit to how much you can pull into your current account before it gets flagged?

TIA
LP

Ensure you consult a tax professional to understand the UK Capital Gains Tax (CGT) obligations and reporting requirements for crypto withdrawals.

 

[theeyeinside]

The faster you cash in your crypto the more you get "looked at"

The larger transactions you have the more you get "looked at"

Never evade taxes. Just pay what you have to over a period of time
so as to minimize taxes

Start a crypto business

Open a Panama Corporation and bank account. They don't require special licenses for crypto

Get one of those Crypto Exchange Scripts from HiveLance and implement it

You now have a business. Promote it differently than most. Actually have hundreds of AI rewritten
articles on everything crypto related so you get indexed

Then open Business accounts at exchanges that support ANY currency withdrawals

Open a Wise account and have your withdrawals sent there

Use the debit card to spend your money as you are a contractor for your business

Ask your lawyer and accountant if this complies with your laws

Sincerely,

The Eye

 

[koxokot890]

The faster you cash in your crypto the more you get "looked at"

The larger transactions you have the more you get "looked at"

Never evade taxes. Just pay what you have to over a period of time
so as to minimize taxes

Start a crypto business

Open a Panama Corporation and bank account. They don't require special licenses for crypto

Get one of those Crypto Exchange Scripts from HiveLance and implement it

You now have a business. Promote it differently than most. Actually have hundreds of AI rewritten
articles on everything crypto related so you get indexed

Then open Business accounts at exchanges that support ANY currency withdrawals

Open a Wise account and have your withdrawals sent there

Use the debit card to spend your money as you are a contractor for your business

Ask your lawyer and accountant if this complies with your laws

Sincerely,

The Eye

Man, what a great contribution, do I need to be physically in Panama to open the corporation and the bank account?"