It has been a year since the rapid increase in the value of cryptoassets, most notably in bitcoin, since the peak observed in December 2017. With the Self-Assessment (SA) deadline approaching you will need to consider how to treat them for tax purposes.
The term ‘cryptoassets’ Is an umbrella term that encompasses all different types of ‘tokens’.
Guidance is being published in the coming days on GOV.UK that primarily focuses on ‘exchange tokens’, which have characteristics similar to bitcoin.
The taxation of cryptoassets is complex and will continue to evolve as new types of cryptoasset are created and potentially their use changes.
Further guidance will be published in early 2019 for businesses (including corporations).