HM Revenue & Customs (HMRC) has published guidance on how individuals possessing cryptoassets may be taxed.
Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to cryptoassets being created in a wide range of forms and for various different uses.
Published in December 2018, the guidance covers:
- what cryptoassets are
- which taxes apply to individuals holding cryptoassets
- record keeping requirements
- how cryptoassets received as earnings are taxed.