Cryptoasset Taxation

This publication provides clear and authoritative guidance on the tax issues surrounding crypto-assets in the United Kingdom. Crypto-assets are a type of digital asset. The most common examples are Bitcoin and Ethereum. HMRC do not consider crypto-assets to be money or that buying or selling crypto-assets is gambling. This means that, in HMRC's view, profits or gains from buying and selling crypto-assets are taxable.

The author is Dion Seymour, a Crypto and Digital Assets Technical Assets Director at Anderson. He was formerly the crypto-asset policy and product owner at HMRC. As well as advisory work in this area, he also speaks regularly on this subject.

This is an evolving area in the UK and globally. It can be challenging for advisors dealing with business and individual clients to keep up with the pace of technical developments and the tax implications. The book will help readers understand HMRC's view by providing clear and practical guidance on the technology (including clear definitions of the technical terms), and the tax impact, including relevant case law. The commentary will be enhanced by the inclusion of worked examples and illustrative flowcharts and diagrams.

The book will also outline the compliance requirements including self assessment returns and penalties. The OECD regime will also be covered.

This book will be an authoritative and valuable tool for any advisors looking ion to this area for the first time.

table of content

Introduction

 

Part A Crypto 101

1.Terminology

2. A (very) brief history of cryptoassets

3. Tax DL

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4. HMRC Guidance

5. Why cryptoassets are not money

6. What is Crypto?

7. Other consderations

 

Part B Tax Technical

1. Individuals

Part 1- Setting the Scene

Part 2 – Taxation

Part 3 – Case Studies

 

2. Businesses

Part 1 – Setting the Scene

Part 2 – Companies

Part 3 – Case Studies

 

3. Non-fungible tokens

Part 1 – Setting the Scene

Part 2 – Taxation

Part 3- Case Studies

 

4. Web3 and the Metaverse

Part 1 – Setting the Scene

Part 2 – Taxation

Part 3 – Case Studies

 

5. Decentralised Finance (DeFi)

Part 1 – Setting the Scene

Part 2 – Taxation

Part 3 – Case Studies

 

6. Decentralised Autonomous Organisations

Part 1 – Setting the Scene

Part 2 – Taxation

Part 3 – Case Studies

1. Compliance

Part 1 – Setting the Scene

Part 2 – Taxation Aspects

Part 3 – Case Studies