On today’s episode of The Cryptoverse…
By popular demand, here is my narration of the new tax rules.
GET PROFESSIONAL HELP ON CRYPTO TAXES IN THE UK
https://www.cryptoasset.school/tax
Timestamps
Overview 2:23
Introduction 3:30
What cryptoassets are 4:25
Exchange tokens 7:04
Utility tokens 7:36
Security tokens 7:56
Which taxes apply 8:11
Income Tax 9:23
Financial trading in cryptoassets 9:23
Mining 11:21
Fees from mining 12:31
Airdrops 13:12
Income Tax losses 14:51
Capital Gains Tax 15:32
What constitutes a ‘disposal’ 16:11
Allowable costs 17:40
Pooling 19:32
Example 21:00
Acquiring within 30 days of selling 22:31
Example 24:18
Blockchain forks 26:24
Airdrops 28:48
Capital Gains Tax losses 29:43
Claiming for an asset that’s lost its value 30:08
Losing public and private keys 31:17
Being defrauded 32:20
Cryptoassets received as earnings 33:08
Cryptoassets provided in the form of Readily Convertible Assets 33:25
Cryptoassets which are not RCAs 35:23
Cryptoassets provided by 3rd party in connection w employment 36:19
Subsequent disposal of tokens 37:22
Record keeping 37:32
Self Assessment tax returns 38:19
Other considerations 39:09
Pensions 39:09
Inheritance Tax 39:36
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●▬ Sources ▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
https://www.gov.uk/government/publications/tax-on-cryptoassets
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I saw on your subsequent episode that you didn’t get a lot of comments on this post, but maybe that’s because everybody’s taking notes and their fingers are too tired to type.
A lot of work went into this Chris, Certainly for keeps and as a preliminary guide for everyone interested in cryptos ,particularly in the UK
Thanks Chris, another top top video. Keep up the good work. I love your show. cheers mate. thanks for the great quality content.
Thanks CC for the information. Great educational video.
Thanks Chris, another top top video. Keep up the good work. I love your show. cheers mate. thanks for the great quality content.
Well, it looks like HMRC are taking this seriously and of course don't want to miss out on their pound of flesh. I'm going to have to break this episode down and scrutinise it section by section.There's a lot of minutiae in there to trip a guy up, not to mention the due diligence that's going to have to be double due diligence when it comes to the trading side.
I know you only read it but that's great work CC and hugely useful for me. Next years self assessment is going to be an epic event!
Thanks, Chris, for relaying this to me. IMO this is valuable outside the UK, too. Eventually many states are going to adopt similarly detailed tax rules.
Thanks for posting this video. It's great reference material (for UK taxpayers).
Wow! great detail! I think the fact that they have did their homework is pointing to further legitimacy for the asset class and will help more adoption come through over time, particularly for the merchant side of things.
Posted using Partiko iOS
Thanks Chris, great show!!!
Good info
Posted using Partiko Android
Good to know.
Now if you could just do this for the US, that would be brilliant. Of course, it would first require the US to have clear guidelines, so if you could get on that, there would be many who would appreciate that very much.
(Great work, Chris)