Cryptocurrencies

Although Cryptocurrencies have attracted a lot of public interest and attraction due to its potential for wealth growth however there are several uncertainties involved around them including “Tax treatment”. According to HMRC’s ruling they should be considered as assets (cryptoassets) not as money or currency.

HMRC has not provided any specific ruling on these assets and they are ruled just under their broader tax rules. however number of times hmrc has notified its intention to taxation of this asset.