HMRC has confirmed the UK Government’s tax position on cryptocurrencies, leaving investors, cryptocurrency miners and beneficiaries of digital currencies liable for capital gains tax, income tax and inheritance tax. 

The simple step of buying a cup of coffee with Bitcoin could leave you facing a hefty capital gains tax bill, law firm Royds Withy King has warned.

HMRC in guidance published on 19 December has made it clear that it does not considers cryptocurrencies to be a true currency, calling them digital assets and treating them much in the same way as shares and other financial instruments.

Hilesh C...