Cryptocurrency traders and miners face different tax burdens for their digital currency - all because the HMRC doesn't view it as a currency
Martin Lewis has waded into the complications and exemptions around cryptocurrency over income and capital gains tax. The money guru has revealed that HMRC doesn't view the digital phenomenon as a currency, which could see traders getting caught out if they aren’t aware of their tax responsibilities.
One such situation is cryptocurrency as one listener sought their advice, asking: “I’m a basic rate taxpayer earning £25K a year. I bought cryptocurrency for £10K and I’m going to sell it for £500K.
The Money Saving Expert reiterated to help drive the point home to listeners: "So if you’ve bought and sold it, it’s Capital Gains Tax but if you’ve created it, that’s what mining is, then it’s seen as an income because you’ve created it as a form of work.” Rebecca added with regards to Capital Gains Tax: “There’s no allowance for inflation, how long you’ve held it. So most of that gain is going to be taxed at 20%, almost all of it.
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