Bloomberg Tax
Nov. 1, 2019, 3:30 PM UTC

U.K. Clarifies Taxation of Crypto Businesses

Hamza Ali
Hamza Ali
Senior Reporter International Tax

The U.K. issued guidance clarifying the tax treatment of cryptocurrency businesses and certain record-keeping requirements for auditing purposes.

In guidance published Nov. 1, Her Majesty’s Revenue and Customs said crypto businesses will have to keep records of all trades they make in pounds sterling, even if the trade is between two different cyrptoassets.

  • It clarified how crypto businesses will be subject to capital gains tax, corporate tax, income tax, national insurance contributions, stamp taxes, and the value-added tax.
  • The guidance clarified at what point the tax office considers the buying and selling of exchange tokens as a trading activity. This ...

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