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Where Taxpayers and Advisers Meet

Cryptocurrencies Classification

Netnerd
Posts:1
Joined:Tue Apr 20, 2021 10:22 am
Cryptocurrencies Classification

Postby Netnerd » Tue Apr 20, 2021 10:32 am

Are crypto assets considered savings or investments legally in the UK, I have found a legal document from the Lawtech Delivery Panel classifying them as "Property" and the particular asset I hold has been classified by the UK government as a "Utility Token" but at the same time could they be classified as savings or investments that need to be declared.

I know that when I exchange the assets for currency I need to declare for CGT just not sure if any other declarations need to be made whilst held in digital asset form.

AGoodman
Posts:1286
Joined:Fri May 16, 2014 3:47 pm

Re: Cryptocurrencies Classification

Postby AGoodman » Thu Apr 22, 2021 5:24 pm

You don't need to disclose the simple fact that you own them. I cant think of any assets where you need to disclose just the fact that you own it.

You need to disclose if you dispose of a token (e.g. in exchange for currency, another type of token or for a service/goods).


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