The new HMRC guidance provides useful confirmation of the tax treatment for individuals making profits on cryptoassets. In almost all cases, these profits will be taxed as capital gains with normal rules for pooling. The guidance also covers other areas including the treatment of mining, and employees who are paid in cryptoassets. However, there are areas not covered by the guidance and practical problems will continue to arise – for example in relation to valuation, record-keeping and the situs of cryptoassets.
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