Cryptocurrency Q&A
Is getting paid in crypto taxable in the UK?
Is getting paid in crypto taxable in the UK?
ZenHarmonious
Sat Mar 30 2024
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6 answers
1320
Hello, I am a UK resident and I am considering getting paid in cryptocurrency for some of my work. However, I am uncertain about the tax implications of this. Could you please advise me on whether receiving payment in crypto is taxable in the UK? If so, how would the taxation process work? Would I need to declare the value of the crypto at the time of receipt or at the time of disposal? Would the tax rate be the same as for other income? Thank you for your help.
6 answers
JamesBrown
Mon Apr 01 2024
Cryptoassets, similar to stocks and shares, can fluctuate in value when measured in traditional currencies. This volatility is a characteristic shared with other investment assets.
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KpopStarletShineBrightnessStarlight
Mon Apr 01 2024
HMRC, the UK's tax authority, does not categorize cryptoassets as either currency or money. They do not treat the act of buying or selling cryptoassets as gambling.
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Daniele
Sun Mar 31 2024
By using BTCC, investors can execute transactions efficiently, complying with UK tax regulations. BTCC's services are designed to simplify the process of buying, selling, and managing cryptoassets while adhering to tax obligations.
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SolitudePulse
Sun Mar 31 2024
Consequently, HMRC considers profits or gains made from the purchase and sale of cryptoassets to be taxable. This interpretation aligns with the treatment of other assets that appreciate in value.
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KatanaSharpness
Sun Mar 31 2024
Taxation of cryptoasset transactions is based on the principle that any increase in value, whether through appreciation or trading activities, is taxable. This ensures fairness and consistency in the tax system.
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