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Hodl me, Shill me, Kishu me
Key points
- Cryptocurrencies and cryptoassets have their own complex tax issues and terminology and this article explains some of the main issues and terms.
- HMRC set out some views in a 2014 briefing but this was updated and expanded in 2021 and a Cryptoassets Manual has been published.
- Bitcoin is a cryptocurrency that made its early adopters wealthy although the UK and other major economies do not accept it is an actual currency.
- It follows that gains and losses on crypto are not strictly treated as gains and losses on foreign currency exchange.
- If a taxpayer’s activities are considered as investment any profits or losses on disposals will fall within the capital gains regime.
- There are a number of ways to trigger a disposal. However this tends to lead to most non-compliance.
With apologies to Gloria Estefan for the title…
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