U.K. updates crypto tax guide, highlighting Bitcoin as neither currency nor securities

Author Liang CHE

Source: Than push bitpush.news,

More than news, the UK tax authority has issued tax guidance for businesses to supplement its previous guidance for individuals.

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The guide clarifies the status of capital gains tax, corporate tax, national insurance, income tax and other taxes. The HMRC states that it generally does not consider cryptocurrencies such as Bitcoin as currency or "stocks or securities", which largely exempts stamp duty on these cryptocurrencies. However, according to the guidelines, tokens used for debt transactions are still subject to stamp duty.

HMRC also requires companies to keep records of cryptocurrency transactions in pounds sterling, and to keep valuation records of those transactions. It also wants businesses to record the amount spent on each type of transaction token.

HMRC previously issued a tax guide for cryptocurrencies targeted at individuals in December 2018, which clarified several tax issues related to airdrops, forks and mining. The 2018 guidelines also require individuals to keep records of sterling for each cryptocurrency transaction.

This year the British Financial Conduct Authority (FCA) also released a crypto asset supervision guide, which classifies real cryptocurrencies such as Bitcoin and Ethereum as "transaction tokens". Although applicable to anti-money laundering rules, it is not regulated .

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