HMRC publishes cryptocurrency manual
HMRC has published its first cryptocurrency manual, written for HMRC staff, but helps give some understanding as to the “tax implications that can arise from transactions involving crypto assets” - and suggests that if individuals receive crypto assets as a form of non-cash payment they are liable to pay income tax and National Insurance contributions.
Additionally, a section for crypto holdings has also been added to HMRC's "statement of assets" form which those being investigated by HMRC are asked to complete. Capital gains tax is currently due if any gains (including that of cryptocurrency) exceed the annual allowance of £12,300.
Posted on 6 May, 2021 by Ortolan