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The government announced last week moves that will see ‘stablecoins’ recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment.
The government announced last week moves that will see ‘stablecoins’ recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment. In brief:
See: Government sets out plan to make UK a global cryptoasset technology hub - GOV.UK (www.gov.uk)
Cryptocurrency and HMRC
Dealing in cryptocurrency can be a taxable activity, including exchanges and spending crypto. The question will be whether the buying and selling amounts to a trade, and so is chargeable to income tax: or is a chargeable gain on an investment, and so liable to capital gains tax: or whether it is so highly speculative that it is classed alongside activities like gambling and betting, and so is not taxable, nor can any losses be offset against other taxable profits. It is a complicated area so please do discuss this with your usual contact if you require more information and certainly provide details on any cryptocurrency activity when supplying your tax information to us.
09 May 2022
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