RATE Group | Blow for Bitcoin investors as HMRC rules they cannot class transactions as gambling
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Blow for Bitcoin investors as HMRC rules they cannot class transactions as gambling

19 Dec Blow for Bitcoin investors as HMRC rules they cannot class transactions as gambling

Posted at 16:36h in Bitcoin News by

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Bitcoin investors in the UK have been dealt a blow, after HMRC ruled that they would not be allowed to classify their investment in the cryptocurrency as “gambling”, winnings from which are tax-free.

In a long-awaited policy paper, released on Wednesday, HMRC clarified that it did “not consider the buying and selling of cryptoassets to be the same as gambling”. 

It said that digital currencies counted as “chargeable assets” for capital gains tax if they were both capable of being owned, and had a value that could be realised.

“In the vast majority of cases, individuals hold cryptoassets as a personal investment, usually for capital appreciation in its value or to make particular purchases. They…

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