RATE Group | British Tax Authority Updates Cryptocurrency Guidelines, Says It Is Not Money
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British Tax Authority Updates Cryptocurrency Guidelines, Says It Is Not Money

03 Nov British Tax Authority Updates Cryptocurrency Guidelines, Says It Is Not Money

Posted at 23:01h in Cryptocurrency News by

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The United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs (HMRC), has updated its cryptocurrency taxation guidelines for businesses and individuals.

On Nov. 1, the U.K. government tax agency, which manages taxes alongside other financial policies, released tax guidance updates that further clarify its stance on how businesses and individuals involved with cryptocurrency will be taxed.  

Crypto is not money or currency

The guidelines set out HMRC’s view on cryptocurrency transactions, which taxes apply, how to file tax returns and accounting practices, among others. It also considers the taxation of exchange tokens, while stating that rules for utility or security tokens will be added in the future.

Companies that buy or sell tokens, mine, exchange tokens for other assets or provide goods or services in return for tokens are liable to pay for one or more different types of tax. Those taxes include income tax, corporation tax, capital gains tax,…

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