Tax on Cryptocurrency

Capital Losses on Crypto Assets – Frauds, Thefts & Faked Deaths

Frauds, thefts and faked deaths: capital losses on crypto assets When reports first appeared in February 2019 that Gerald Cotton, CEO of Quadriga CX, a cryptoasset exchange, had died, online rumours circulated that he had faked his own death and escaped with $190 million. While his death was subsequently confirmed, 

Crypto Asset Tax: The New HMRC Guidance

Crypto asset tax : The New HMRC Guidance Update… In December 2018, HMRC released their long-awaited policy paper on the appropriate tax treatment of cryptoassets. This being HMRC’s second paper on this, the first being published in 2014. The paper goes some way in undertaking the difficult task of marrying 

Bitcoin, Cryptoasset & Taxation; Where is the Blockchain?

While it was ten years at the end of October since Satoshi Nakamoto’s paper conceiving of Bitcoin as a peer-to-peer electronic cash system, it was only in mid-2017 that Bitcoin and other cryptocurrencies became mainstream. Many accountants will be grappling with the implications of cryptocurrencies as they work to complete 

UK Cryptocurrency Taxation; Trading, Gifting, Gambling & HMRC

The Taxation of Cryptocurrency & Tax Efficient Cryptocurrency. One Year On… The cryptocurrency boom of autumn 2017 saw an explosion of interest in cryptocurrencies, blockchain and related technologies and has even resulted in the emergence of “crypto-millionaires”. Many financial advisers have been left scratching their heads as they turn to 

Capital Gains Manual Cryptocurrency Update

HMRC have updated their CGT manuals providing an update to their understanding of cryptocurrency and block-chain technology, with clarity in determining how capital gains from cryptocurrency are computed and the tax position of “hard-forks”. Following the cryptocurrency boom at the back end of 2017 which saw a surge in the 

Capital Gains Tax on Cryptocurrency Activity

As stated in one of our other video blogs, the taxation treatment of crypto depends on your activity rather than the fact that you are dealing in crypto per se. It is the nature of that activity that will determine whether an individual owning crypto will be subject to Capital 

Capital Gains Tax on Bitcoin and other Cryptocurrencies

Do you have to pay Capital Gains Tax on Bitcoin or other cryptocurrencies? Under current UK rules, the general tax position on cryptocurrency is that it is the nature of the activities rather than the underlying asset that determines the liability to UK taxation – whether that liability is to 

HMRC, Bitcoin and other Cryptocurrencies

HMRC’s Position on Bitcoin and other Cryptocurrencies Much has happened in the world of cryptocurrency since HMRC published its guidance on Bitcoin in 2014. Since this guidance was published, Bitcoin is not the only cab on the rank. Instead, there has been a proliferation of new types of cryptocurrencies; phenomenal 

Tax on Bitcoin Activity and Other Cryptocurrencies

Tax on Bitcoin The Bitcoin story, and the value of the cryptocurrency, continues to rise. Whether this trajectory continues depends on which commentator you listen to. Some think this is only the beginning, whereas others think it is the beginning of the end. However, us tax bores will just focus