HMRC eye Crypto owners

It feels as though most of us know somebody who knows of "this bloke" (and they do seem to be mostly young males) who has made a small fortune trading in Cryptocurency.

HMRC have sent a "nudge" letter reminding people they have identified as crypto owners that gains on crypto assets are subject to capital gains tax.

HMRC have also repeated their view that such assets can be located where the owner is resident, so although they have not contacted non-UK domiciled people, they do regard gains on crypto as being subject to CGT in the hands of UK resident non-doms.

Of course this also means that losses on Crypto may be claimed for CGT purposes, so investors with other gains may at least get a measure of tax relief.

There is also an HMRC manual on cryptoassets, and as they edge into the mainstream the tax man is eager to ensure they get their cut.

HMRC eye Crypto owners

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