As a relatively new type of asset, cryptocurrencies and blockchain technology have resulted in several uncertainties over their taxation. We refer to them as assets, as HM Revenue & Customs (HMRC) do not consider cryptoassets to be currency or money.
There is no specific tax legislation regarding these assets, so they are instead covered by broader tax rules. HMRC have been producing guidance to assist taxpayers but there are still areas of uncertainty, contention and practical problems, most notably when it comes to valuations record-keeping and the situs of cryptoassets.
At Saffery Champness, our experts in the UK and overseas can guide our clients through this ever-evolving area. We keep on top of the latest developments, can assist with defining the terminology used and most importantly, can ensure the correct tax treatment of cryptoassets both in the UK and overseas.
Please see our page about the taxation of cryptoassets for more information.
Please contact your usual Saffery Champness partner or contact Robert Mace to discuss a specific issue or to find out more about the services we offer to clients with cryptoassets.