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Guidelines for taxing income from cryptocurrencies published by the British tax authority HMRC
After a long preparation, a single "cryptocurrency guide" was created. It includes a section on taxes with DeFi, staking, providing liquidity to exchange pools and other modern ways of earning on cryptocurrencies.
The task of the authorities is to make the taxation process as transparent as possible. This will allow individuals and companies to understand the kind of consequences that tax evasion can have.
To this end, HMRC's official website has published two documents on the specifics of taxation of cryptocurrencies for companies and individuals.
Following the publication of the current guidelines, the authorities plan to update them regularly. This will provide the necessary flexibility, taking into account the features of different crypto projects.
The last time tax guidelines were revised was in 2019. Since then, the market has undergone significant changes. DeFi appeared, and then NTF. The old rules are out of date.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.