UK Steppping Towards Cryptocurrency Tax Legislation
The private cryptocurrency Holders in united Kingdom will have now have to pay Tax in coming future. united states Tax Collection Service Published a Detailed Tax legislation advice for Private investors who buy and sell cryptocurrency. its new Policy paper, “Crypto assets for Individuals,” has set some tax Obligations for people who buy/sell or even get paid in cryptocurrency.
The citizens will have to give either Capital gain Tax or Income tax, this taxes will be decided on the basis on there Transactions. According to report, “Those who pay for and receive crypto assets, may be able to make a negligible value claim to HMRC if they turn out to be worthless.”
In case if any employer pays in crypto assets to his employees, employees would also have to Pay Social Security Contributions Known as National Insurance(NI).