the The government of the United Kingdom posted on 19. December a Guideline with the name “crypto assets for individuals”. In it, she gives information on what people in the tax payments of Bitcoin and other crypto-currencies have to be.
By Phillip Horch
19. December 2018ShareFacebookTwitterLinkedInxingemail
Bitcoin and regulation: It does what. The government of the United Kingdom on the 19. December a statement issued to the taxation of income by trading in Bitcoin and other crypto-currencies.
The government expects that the majority of individuals, Bitcoin & co. to hold, to make a profit. Ultimately, the capital gains tax trap, therefore, first of all. It is said in the report:
“In the vast majority of cases, individuals, crypto-Assets to hold as a personal investment, in General, to increase the value or to make certain purchases. You are obliged to pay capital gains tax if you sell your crypto-systems.“
If you operate furthermore, the Mining of crypto-currencies or by your employer Bitcoin for a certain number of allowances received, the government, and were, accordingly, income tax and insurance contributions.
Bitcoin-Trading-regulation-oriented securities
The Trading of Bitcoin & co. the legislation was based on the existing regulations of securities. So it continues:
“A trading with crypto-Assets is similar to trading in shares, securities and other financial products. Therefore, the approach would be to determine whether a trade is carried out or not, similar to the existing case-law relating to trading with shares and securities can be used as a guide.“
Ultimately, you must decide on a case-by-case basis, since the authority can’t automatically assume that it is “commercial” in the strict sense. This is not the case, for example, if a crypto-currency to another is traded.
Furthermore, you can make losses when Trading even with the tax return, by introducing an appropriate bill of costs.
loss of Private Keys
The authority also recognises that everyone is for his Private Keys. Nevertheless, you could make the in case of loss in the case of the authority:
“If a Person has to transfer your Private Key (e.g., the sheet of paper on which it is printed, throws away), she has no access to the cryptographic Asset. The Private Key exists, then, as a part of cryptography, is the owner, however, not known. Similarly, the crypto-Assets in the respective Distributed Ledger will remain in place. This does not mean that the transfer of the Keys is considered to be a sale within the meaning of the capital gains tax.“
