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@gillianpearce
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This was a response to your original comment. I think you edited while I was posting.
They are a taxable event every time you exchange a token for another token or currency. Then when you take them to fiat they come under capital gains tax. The rules were updated from when I looked a couple of years ago. And Coinbase and other exchanges have agreed with the HMRC to pass them records of all accounts who received more than £5,000 worth of crypto assets in their Coinbase account during the tax year of 2019/20.
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