Cryptocurrency

In December 2019, HMRC published guidance on its view of how crypto transactions should be treated for UK tax purposes. It stated that individuals selling cryptoassets will be subject to capital gains tax (CGT) on any profits made, over the tax-free annual allowance threshold, which will need to be reported to HMRC on a self-assessment

HMRC have added a section to the ‘statement of assets’ form specifically for taxpayers to declare any holdings of Bitcoin and other cryptocurrencies. Taxpayers are being warned that they must add any holdings they have in Bitcoin or other cryptocurrencies to this section when completing the form.   Whilst it has always been a requirement