United Kingdom: Update of the collection of taxes for transactions with cryptocurrencies

Recently, the UK tax collection office issued an update of its cryptocurrency tax guide. The new guide expands details of the version previously published in December of 2018.

The guide welcomes the classification of tokens according to the concepts of the UK tax office, as well as establishing the tax regime for companies and individuals that carry out transactions with cryptocurrencies. However, it is made clear that the tax regulations do not recognize that Bitcoin and other cryptocurrencies are money.

The tax agency identifies three types of crypto assets:

  • exchange tokens;
  • utility tokens; Y,
  • stock tokens

The guide focuses on the taxes applicable to exchange tokens (eg bitcoin), but does not rule out that later it is necessary to expand for other types of crypto assets and related activities (eg mining).

According to the document, at least six different types of taxes could be applied to transactions with cryptocurrencies, which would include payment on capital gains and income tax.

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