Cryptocurrency and Other Digital Assets: Tax Law and Practice

Information Technology Law › Taxation

Cryptocurrency and Other Digital Assets: Tax Law and Practice

By Andy Wood
Claritax Books September 2022

Specifications

ISBN-13
9781912386536
Publisher
Claritax Books
Publication
September 2022
Format
Paperback
Jurisdiction
U.K. ? Countri(es) for reference only
Price on request
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Details

The crypto world is still a relative novelty, Bitcoin having been launched in 2009. It has introduced its own completely new vocabulary, from Airdrops and Blockchains to Stablecoins and Yield Farming.

As the amounts of money at stake have soared, the world’s tax authorities have been playing catch-up. They are working out how to apply centuries-old concepts to the new realities that challenge even such fundamentals as the nature of “property” or “money”.

In this book, the author explores how established principles of UK taxation – e.g. trading or investment, the nature of income, the location of assets, loss reliefs, other reliefs – are properly applied to the fast-moving crypto world.

Andy Wood trained with Ernst & Young in London and then worked with Grant Thornton in Manchester. He qualified as a Chartered Tax Adviser in 2003 and, shortly afterwards became a member of STEP. Today he is an experienced tax adviser and barrister, and is founder and director of specialist tax advisory firm ETC Tax.

Table of Contents

Part 1: Introduction and Key Principles
1. Introduction
2. Overview of the blockchain and digital assets
3. Cryptoassets as property
4. The principles of taxing digital assets
5. Situs of cryptoassets
6. Are the activities of a trading nature?
7. Fungible tokens – Bitcoin, Ethereum, etc.
Part 2: Taxation of DeFi Transactions
8. Decentralised finance (DeFi)
9. Making cryptoassets available to a DeFi platform
10. Treatment of staking transactions
11. Treatment of cryptoasset lending transactions
12. Cryptoassets as securities lending transactions
13. Quistclose trusts, other trusts and bailments
14. Liquidity pools (LPs)
15. Treatment of investment return
16. Treatment of miscellaneous income (investment return and mining)
17. Withdrawing from the loan/staking agreement
18. Borrowing from DeFi platforms
19. Government call for evidence – taxation of DeFi
Part 3: Non-fungible Tokens
20. Non-fungible tokens
Part 4: Trading Activities
21. Non-fungible tokens – trading activities
22. Mining and crypto-based trading activities
23. Capital allowances
24. Non-mining trading activities
Part 5: Taxpayers That Are Not Individuals
25. Taxpayers that are not individuals
Part 6: Particular Tax Reliefs
26. Research and development tax credits
27. Video games tax relief
28. Venture capital reliefs – EIS and Seed EIS
29. Business asset disposal relief
30. Business property relief
Part 7: IHT and Estate Planning
31. Inheritance tax and estate planning
Part 8: Payments in Crypto
32. Payments in cryptoassets
33. Paying employees in cryptoassets
Part 9: Compliance
34. Compliance
35. Failures in compliance – enquiries and information powers
36. Failures in compliance – HMRC penalties
Part 10: Other Matters
37. Miscellaneous points
38. Final thoughts

Appendix 1 – Detailed case study
Appendix 2 – Glossary
Appendix 3 – Call for evidence – draft response
Appendix 4 – Statutory instruments
Table of primary legislation
Table of statutory instruments
Index of cases
General index
Price on request
New Edition is available now !
  • Free HK shipping over HK$1,000
  • International shipping to 35+ countries
Order Form
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