HMRC has published guidance setting out when individuals and businesses must pay Capital Gains Tax on profits from selling, exchanging, or disposing of cryptoasset tokens such as bitcoin, XRP, and ether. The guidance applies to various transaction types including sales for fiat currency, exchanges between different cryptocurrencies, and transfers of cryptoassets as gifts. Traders and investors dealing with digital assets need to understand their tax liabilities under UK law, as gains on cryptoasset disposals are generally subject to Capital Gains Tax.
Source: HMRC (GOV.UK) – Read the original