CRYPTOCURRENCY TAX
TRANSACTION TYPES
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Gambling
Back in 2014, HMRC stated in their tax guidance for cryptoassets that “a transaction may be so highly speculative that it is not taxable or any losses relievable”. This was interpreted as comparing cryptoasset trading to gambling for tax purposes and led to taxpayers concluding that gains were not taxable.
In December 2018, as cryptoassets had became much more widely used and accepted throughout the UK, and clarified the position in their guidance.
HMRC have now clearly stated that they do not consider the buying and selling of cryptoassets to be the same as gambling meaning that gains are taxable, and most likely subject to capital gains tax.
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