The Bloomsbury Professional Tax Insight - Cryptocurrency and Blockchain is a short and accessible guide, providing an overview of cryptocurrency and how it works. It also delves into the following:
- How cryptocurrency gains and losses are taxed for either individuals or companies: gambling gains or losses, trading gains or losses or capital gains or losses - How non-domiciled individuals are taxed on cryptocurrency / cryptoasset gains for inheritance tax, capital gains and income tax purposes - Whether cryptocurrency is "property" for the purposes of UK tax legislation - The VAT implications of cryptocurrency / cryptoasset transactions.
Cryptocurrencies are increasingly being used globally and are more regulated in some territories around the world. This title also deals with non-resident investors, and offshore cryptocurrency funds and tax avoidance.
Cryptocurrency and Blockchain is part of the new Tax Insights series of publications. These titles concentrate on topical and developing areas of taxation, providing the reader with focused commentary using examples and diagrams to illustrate key points which reflect the writers' expertise.
This title is included in Bloomsbury Professional's Cyber Law online service.
Read an extract of Bloomsbury Professional Tax Insight - Cryptocurrency and Blockchain
Table of Contents
1. Introduction 2. What are the different types of cryptoassets? 3. What is cryptocurrency and how does it work? 4. Taxation consequences – cryptocurrency gains – trading, gambling or investment? 5. Could cryptocurrency profits be tax-free on the basis the taxpayer was 'gambling'? 6. Could cryptocurrency profits be 'miscellaneous income'? 7. Cryptocurrency – an investment? 8. Cryptocurrency losses 9. Cryptocurrency 'mining' 10. Airdrop cryptoassets/tokens 11. Forks in the Blockchain and their tax consequences 12. Employment taxes 13. Non-domiciled individuals and inheritance tax 14. Non-domiciled individuals and capital gains tax 15. Value Added Tax ('VAT') 16. Conclusion