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HMRC has released the long awaited guidance on how cryptoassets will be taxed on individuals.
There are very few surprises in the paper, although there are plenty of caveats made such that HMRC may amend its approach if there are unexpected consequences.
There are interesting points to read on forks and mining. Further, it is good to see that HMRC will allow for the pooling of each asset such that very large latent gains can be watered down somewhat by subsequent purchases.
The key take home message is that as the UK has a self assessment regime it is for the taxpayer to keep separate records for each cryptoasset transaction.
https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals
20 December 2018
