Cryptoasset Taxation

Author: Zoe Wyatt; Dion Seymour
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781526527943
Published In: April 2024
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

List Price: HKD 1,040.00

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Description
Contents

Details

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.
Fundamentals:
Cryptocurrency vs cryptoasset vs digital asset
Regulation and taxation
Blockchain in action
Blockchain and DLT]
Consensus
Energy consumption
Types of wallet
Private key
Hard forks and airdrops
What's in a name
Is it money
Is it property
HMRC guidance
History
RB 9/14
Policy papers
CRYTPO manual
Reception
Plans

Trading:
What is trading
Exceptional
Trading cases

Investment:
Capital gains
Lots

Income tax:
Employment
RCA

Miscellaneous income:
Mining
Staking
Airdrops

Situs:
What is the asset
Where does it exist
IHT

Decentralised Finance (DeFi):
HMRC guidance

Non-Fungible Tokens (NFTs):
Fungible vs non fungible
Umbrella
VAT

Metaverse:
Tax

International activity:
CARF
MiCA Regulation

Compliance:
SA returns
Test and learn
Nudge letters
Penalties
Criminal vs Civil
J5 and TFTC
Other groups
IOTA
OECD

Software:
Blockchain forensics
Tax calculation