Insights From the FMco Team

Taxation of Cryptocurrency transactions

Taxation of Cryptocurrency transactions

The revenue has announced that it does not intend to release a bespoke framework to deal with Cryptocurrencies.

For companies and businesses, profits or losses from virtual currency trading should be reflected in their accounts and for individuals the normal income tax/CGT rules apply. On capital gains tax they stipulate gains and losses incurred on cryptocurrencies are taxable as a chargeable gain or allowable as a loss for corporation tax or capital gains tax purposes. It is worth noting that the tax treatment of virtual currencies is inconsistent internationally with that in mind, businesses should thread carefully and seek professional advice with regard to the tax treatment of them.

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