December 2, 2020

England publishes tax rules for cryptocurrency enterprises

England publishes tax rules for cryptocurrency enterprises

The Royal Customs and Excise Authority (HMRC) released a new set of rules last week for cryptocurrency business.

The document contains information on howdifferent tax categories will apply to bitcoin and cryptocurrency transactions. According to the law, all activities related to the exchange of cryptocurrency and its extraction will be subject to a certain tax.

The document states:

The amount of tax a company must pay will depend on its income, expenses and net profit.

The document also states that cryptocurrencies likeBitcoins are not classified as money, stocks or marketable securities. Therefore, cryptocurrency transactions will not be subject to securities and money laws.

According to the materials bitcoinist.com