Are cryptoassets actually 'money' in the UK?

How HMRC treats cryptoassets disposed of by businesses

Cryptoassets make up a growing portion of the market, and businesses are increasingly looking to take advantage of these digital currencies. If your business carries out activities involving the exchange of cryptoassets, then you are liable to pay tax on them. However, understanding how HM Revenue & Customs (HMRC) treats cryptoassets for tax purposes can be tricky. Here is what you need to know about how HMRC taxes cryptoassets for corporates. D…

Are cryptoassets actually 'money' in the UK?

Some of the most common types of cryptoassets are often referred to as “cryptocurrencies” because, in a nutshell, they can be used to buy things. However, in many settings, they do not meet the definition of money, especially for tax or financial reporting purposes. In fact, in the UK, at present, they are never considered money, and their use almost always means a tax reporting event has occurred. One ramification of this is that if a UK taxpay…