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Cracking the crypto code
KEY POINTS
- The Budget included a report of the findings of a government taskforce on cryptocurrencies.
- Generally cryptocurrencies are fungible tradable units managed by a blockchain.
- Cryptocurrencies are not usually classed as currency and are closer to an investment in shares.
- Tokens can have different properties such as a fixed payment on redemption or a share of profits.
- HMRC is understood to be working on the underlying tax issues.
- Corporation tax aspects.
- HMRC has suggested that buying and selling may be akin to gambling.
- If HMRC is keen to avoid granting relief for losses does this mean profits are tax-free?
One of the Budget’s pronouncements on taxation that may have passed below the radar...
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