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Crypto assets held privately: holding period, swaps and the exemption limit
The module’s worked examples, then cases to attempt before revealing their solution · 1 section · 252 words · 2 min
Practical case
Two swaps in one year
An employee buys Bitcoin for 4,000 euros on 10 February 2026. On 5 May 2026 he swaps them for Ether worth 4,600 euros, paying a fee of 20 euros. On 1 December 2026 he swaps the Ether for euros and receives 4,300 euros, paying a fee of 15 euros. He has no other private disposal transactions in 2026. What is his overall result from private disposal transactions, and is it taxable?
Hint: Treat each swap as a disposal of the units given up and an acquisition of the units received, then check the exemption limit for the whole year.
Show the solution
First transaction: the Bitcoin are disposed of by the swap in May, after almost three months and therefore within the one-year period. The disposal price is the value of the Ether received, 4,600 euros. After deducting 4,000 euros of acquisition costs and the 20-euro fee, the gain is 580 euros. At the same time the Ether are acquired at 4,600 euros. Second transaction: in December the Ether are disposed of for euros, again within one year. Proceeds of 4,300 euros minus acquisition costs of 4,600 euros minus the 15-euro fee give a loss of 315 euros. Both results belong to the private disposal transactions of the same year, and the loss is set against the gain: 580 minus 315 gives 265 euros. This total gain is below the exemption limit of 1,000 euros and therefore remains tax-free.
Answer: a total gain of 265 euros, tax-free because of the exemption limit
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