UK Officials Introduce Streamlined Cryptocurrency Taxation Guidelines

crypto taxes 696x418

The current legal status of Bitcoin is difficult to gauge in the United Kingdom. A new taxation guidance update shows there is still some confusion to be cleared up. At this time, cryptocurrencies are neither currencies nor securities. Governments around the world always try to derive taxes from revenue streams. This applies to income tax, corporate tax, and so forth. All of these models have been in place for several decades, leaving nothing to the imagination. Cryptocurrency Taxation in the UK When it comes to Bitcoin and altcoins, that situation is a bit different. Depending on one’s country of residence, the legal status and taxation of cryptocurrencies can be very different. In the United Kingdom, a bit of an unusual development has taken place. Due to a new decree issued by the HRMC, cryptocurrencies are neither currencies nor securities. The latter part of this ruling is positive, yet it comes…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE