HMRC issues guidance on taxation of cryptoassets for individuals

HM Revenue & Customs (HMRC) has set out its view on how individuals who hold cryptoassets are taxed. It stated that, in the majority of cases, individuals who hold cryptoassets as a personal investment will be liable to pay Capital Gains Tax when they dispose of their cryptoassets.

HMRC published its assessment of the applicability of UK tax legislation to cryptoassets held by individuals.

Although HMRC will look at the facts of each case and apply the relevant tax provisions, it stated that in the vast majority of cases, an individual will be liable to pay Capital Gains Tax when they dispose of their cryptoassets.

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