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This publication provides clear and authoritative guidance on the tax issues surrounding crypto-assets in the United Kingdom. Crypto-assets are a type of digital asset. The most common examples are Bitcoin and Ethereum. HMRC do not consider crypto-assets to be money or that buying or selling crypto-assets is gambling. This means that, in HMRC's view, profits or gains from buying and selling crypto-assets are taxable.
The authors are Dion Seymour and Zoe Wyatt. Dion is the Crypto and Digital Assets Technical Director at Andersen. He was formerly the crypto-asset policy and product owner at HMRC. As well as advisory work in this area, he also speaks regularly on this subject. His co-author is Zoe Wyatt, Partner and Head of Crypto and Digital Assets, also at Andersen.
This is an evolving area in the UK and globally. It can be challenging for advisors dealing with business and individual clients to keep up with the pace of technical developments and the tax implications. The book will help readers understand HMRC's view by providing clear and practical guidance on the technology (including clear definitions of the technical terms), and the tax impact, including relevant case law. The commentary will be enhanced by the inclusion of worked examples and illustrative flowcharts and diagrams.
The book will also outline the compliance requirements including self assessment returns and penalties. The OECD regime will also be covered.
This book will be an authoritative and valuable tool for any advisors looking ion to this area for the first time.
List of contents
Introduction
Part A Crypto 101 1.Terminology
2. A (very) brief history of cryptoassets
3. Tax DL; TR
4. HMRC Guidance
5. Why cryptoassets are not money
6. What is Crypto?
7. Other consderations
PART B Tax Technical1. Individuals
Part 1- Setting the Scene
Part 2 - Taxation
Part 3 - Case Studies
2. BusinessesPart 1 - Setting the Scene
Part 2 - Companies
Part 3 - Case Studies
3. Non-fungible tokensPart 1 - Setting the Scene
Part 2 - Taxation
Part 3- Case Studies
4. Web3 and the MetaversePart 1 - Setting the Scene
Part 2 - Taxation
Part 3 - Case Studies
5. Decentralised Finance (DeFi)Part 1 - Setting the Scene
Part 2 - Taxation
Part 3 - Case Studies
6. Decentralised Autonomous OrganisationsPart 1 - Setting the Scene
Part 2 - Taxation
Part 3 - Case Studies
1. Compliance
Part 1 - Setting the Scene
Part 2 - Taxation Aspects
Part 3 - Case Studies
1.
About the author
Dion Seymour and Zoe Wyatt
Summary
A comprehensive guide to understanding cryptoassets and their taxation implications from the expert team at Andersen UK
Foreword
A must-read book on taxation from HMRC’s former policy and product owner for cryptoassets.
