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British Tax Authority Updates Cryptocurrency Guidelines, Says It Is Not Money

“Those taxes include income tax, corporation tax, capital gains tax, stamp taxes and National Insurance contributions” writes Joeri Cant for The United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs (HMRC), has updated its cryptocurrency taxation guidelines for businesses and individuals.On Nov. 1, the U.K. government tax agency, which manages taxes alongside other financial policies, released tax guidance updates that further clarify its stance on how businesses and individuals involved with cryptocurrency will be taxed.The guidelines set out HMRC’s view on cryptocurrency transactions, which taxes apply, how to file tax returns and accounting practices, among others.However, the latest tax guidance update states that the agency does not consider the buying and selling of cryptocurrencies as such.

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