HMRC has published guidance for individuals on potential liability to income tax, NICs and CGT that may arise on receipt or disposal of cryptoassets (see bit.ly/2QH26YE).
The guidance is mainly concerned with cryptoassets held as investments. HMRC takes the view that exchange tokens such as bitcoin received as employment income will be ‘readily convertible assets’, as ‘trading arrangements’ will most likely exist at the point these cryptoassets are received.
Further guidance will be issued to cover trading in cryptoassets in more detail and transactions involving companies.
HMRC has published guidance for individuals on potential liability to income tax, NICs and CGT that may arise on receipt or disposal of cryptoassets (see bit.ly/2QH26YE).
The guidance is mainly concerned with cryptoassets held as investments. HMRC takes the view that exchange tokens such as bitcoin received as employment income will be ‘readily convertible assets’, as ‘trading arrangements’ will most likely exist at the point these cryptoassets are received.
Further guidance will be issued to cover trading in cryptoassets in more detail and transactions involving companies.
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