Let's suppose I receive 100 XYZ tokens this week without conducting any service in return and sell them a week later.
My understanding is that I have to know the fair market value of one token at the time of receiving the gift and use that to figure out whether my disposal brought me a capital gain or a loss. Is this correct, or are airdrops and gifts excluded from the usual CGT rules?
An excerpt from this Airdrops section:
The disposal of a cryptoasset received through an airdrop may result in a chargeable gain for Capital Gains Tax, even if it’s not chargeable to Income Tax when it’s received. Where changes in value get brought into account as part of a computation of trade profits Income Tax will take priority over Capital Gains Tax.
It's a bit confusing. Does it mean that they can also be reported as losses? I'm asking because it seems kinda weird. For gains it makes absolute sense.