Bit Coin, Crypto and TAX

With over 5million holders of Bit Coin and Cryptocurrency in the UK, the world of Tax for those holding and trading these assets is becoming ever more complex.

The recognition of income from coins and crypto varies depending on how this income is generated and realised, the can form an obligation to declare the revenue as Income or Capital Gain depending on the method used. For example, if you lend out Bit Coin and receive your interest as USD or GBP then under HMRC Rules this would have to be recognised as Interest Income, if however your receive the payments as an accumulation above the initial principal then generally this can be recognised as a Capital Gain, thereby utilising your annual allowance. KABSYS are specialist advisors in a range of fields including Crypto, Coins and foreign trades. Sign Up for a FREE CONSULTATION to talk to us about how we can help with your assets.