NFTs and UK Tax NFTs and cryptocurrencies have become undoubtedly popular, especially since NFT was Collins Dictionary’s word of the year for 2021. Non-fungible tokens (NFTs) are unique sets of data on a blockchain. The term non-fungible refers to an asset that is unique and cannot be exchanged like-for-like. Fungible items, such as Bitcoin, can
Cryptoassets have undoubtedly grown in popularity over the past year and with cryptocurrency prices increasing at a rapid rate, many investors are likely to have made sizeable gains. But are investors aware of the UK tax implications? In a statement released in 2019, HMRC confirmed that individuals selling cryptoassets will be subject to capital
In December 2019, HMRC published guidance on its view of how crypto transactions should be treated for UK tax purposes. It stated that individuals selling cryptoassets will be subject to capital gains tax (CGT) on any profits made, over the tax-free annual allowance threshold, which will need to be reported to HMRC on a self-assessment
