It is easy to forget that gains on crypto currencies/assets are a form of taxable income. However, with this now being a very popular form of investment, it is key to be aware of the tax implications that come with this.
If you hold crypto assets such as Bitcoin, you are required to pay tax on any income or gains you have made.
Most individuals investing in crypto assets will be subject to capital gains tax on the following activities:
• Selling crypto assets in exchange for regular currency.
• Exchanging crypto assets for other crypto assets.
• Gifting crypto assets to anyone other than a spouse or civil partner.
• Using crypto assets to buy goods or services.
Need advice, call the team at Holmes and Company on 01525 851101 or contact us here
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