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Taxation of cryptoassets ― overview


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
tag-icon Spring Budget 2024

Taxation of cryptoassets ― overview


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
tag-icon Spring Budget 2024
imgtext

STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

Introduction to cryptoasset taxation

Cryptoasset investment and transactions are an attractive alternative to traditional finance and are becoming increasingly mainstream. HMRC does not consider cryptoassets to be money or currency even though cryptocurrencies are being increasingly used as a pure means of payment. This remains HMRC’s position despite Bitcoin being recognised as legal tender in El Salvador since September 2021 and the Central African Republic between April 2022 and April 2023.

Cryptoassets in some regions are seen as being more stable than local currencies, despite their high risk and volatile nature. Employees working in regions where local currency is continually depreciating may prefer payment in cryptoassets,

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  • 30 Sep 2024 10:20

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