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Cryptocurrency and Other Digital Assets: Tax Law and Practice

Cryptocurrency and Other Digital Assets: Tax Law and Practice

Name: Cryptocurrency and Other Digital Assets: Tax Law and Practice
Brand: Claritax Books
SKU: 9781912386536
Availability: InStock
Author: Andy Wood
ISBN: 9781912386536

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

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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.

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

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Cryptocurrency and Other Digital Assets: Tax Law and Practice

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