RATE Group | Bitcoin investors face tax crackdown as HMRC writes to major brokers
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Bitcoin investors face tax crackdown as HMRC writes to major brokers

06 Aug Bitcoin investors face tax crackdown as HMRC writes to major brokers

Posted at 18:46h in Bitcoin News by

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Bitcoin investors could soon receive tax bills on their holdings of digital coins as HM Revenue & Customs has written to some of the biggest cryptocurrency exchanges in pursuit of information.

In the past week, exchanges such a Coinbase and Etoro, which are websites where investors can buy crpyto coins, received requests from the taxman for details about their customers, according to specialist publication Coindesk.

The move by HMRC echoes the strategy used by its American counterpart to attempt to levy taxes on the gains made by those purchasing digital coins. 

By law, capital gains tax (CGT) should be due on profit made on the coins’ increase in value since purchase. But their anonymous nature…

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