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Cashing in
KEY POINTS
- Bitcoin is more like cash than a bank account.
- Records of bitcoin transactions should be maintained.
- Gains on disposals of bitcoin are subject to capital gains tax.
- Businesses should beware of holding excessive amounts of bitcoin.
At my small firm we are lucky to have clients and staff who are interested in blockchain and bitcoin. In the short term bitcoin is likely to remain in demand as an investment asset but in the medium term it is likely to become more in use as a means of exchange a universal currency and probably many other uses that we have yet to imagine.
Cashlike
The tax implications are still being thought through although Revenue & Customs Brief 9/2014 outlines HMRC’s approach to the taxation of cryptocurrencies (see...
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