💸Transfers

A transfer is a movement of crypto between your own accounts and wallets.

Tax Treatment of a Transfer

A transfer of crypto between your own accounts and wallets is not classified as a disposal and therefore is not a taxable event. It is important to keep a record of all of your transfers in case they are ever wrongly assumed as disposals by HMRC and treated for tax.

Transfer fees are sometimes incurred and may be taxable.

Transfers in Recap

Recap treats all deposits and withdrawals as transfers between your own accounts. There is therefore no change in beneficial owner and no tax impact. That said there is often a fee associated with withdrawing funds which is technically a disposal for tax purposes.