Disclaimer: Based in the UK but new to the crypto game and I just had a random thought that popped in my head since the value of BC is so high now. Hypothetically, let's say I bought a full bitcoin and spent £40k on it today, and then in 5 years time, sold it for £45k and subsequently lost the record of the transaction because the exchange went bust or whatever, would HMRC/Tax center presume that I bought the coin for it's "starting price" and therefore the full amount would be considered profit? and then tax 20-40% on it or whatever? Essentially making me bankrupt in the process?
I am new to the crypo game, and with the amount of exchanges etc that go bust etc, I want to protect myself for the future in the event any coins I get are valuable. I certainly don't want to LOSE money after selling my coins for whatever reason and then being in financial hardship.
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