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Tax on cryptoassets

Posted by
Rouse Partners
17.12.2019

HMRC has published guidance for businesses and people who hold cryptoassets, typically cryptocurrency or Bitcoin, explaining what taxes they may need to pay and what records they need to keep.

Cryptoassets are digital assets in which cryptographic techniques are used to regulate the generation of units of the asset and to verify their transfer between parties via a blockchain without a central party.

Becoming more prevalent in recent years, and existing across a wide range of forms and uses, Cryptoassets have raised many questions around how they should be treated from a tax perspective.

Tax on cryptoassets for individuals

To clarify how cryptoassets are taxed, HMRC has now published guidance for people who hold cryptoassets, typically cryptocurrency or Bitcoin, explaining what taxes they may need to pay and what records they need to keep.

Tax on cryptoassets for businesses

HMRC has also published further information for businesses and companies about the tax treatment of cryptoasset transactions.

Latest guidance on how cryptoassets are taxed

As this is a rapidly developing area and HMRC’s tax policies may evolve as the sector develops it is advised to refer to the latest guidance for individuals and businesses which can be found at https://www.gov.uk/government/publications/tax-on-cryptoassets

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This information has been produced by Rouse Partners LLP for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of this information is accepted by Rouse Partners LLP. In all cases appropriate advice should be sought before making a decision.

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