HMRC has "crypto assets in Budget spotlight", accountancy firm warns

News Team, 24/02/2021

HMRC will have crypto assets in its 3 March Budget spotlight as Bitcoin breaks the US$50,000 mark and with capital gains tax expected to increase in line with income tax rates.

HMRC already requires Coinbase, the trading platform, to share details of investments and trades over £5,000 from individuals with investors already receiving notifications from HMRC.

Thomas Gibbs, a principal in the private client team at UK accountants Hillier Hopkins, has warned that HMRC sees cryptocurrencies not as a currency but as investment assets and as such are subject to capital gain tax.

“The huge increases in Bitcoin in ...

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