Her Majesty's Revenue and Customs (HMRC), the UK's tax authority, published last Friday a series of tax guidelines for businesses that complement its previous guidelines for individuals.
In these guidelines, the agency describes how transactions with cryptocurrencies should be treated and talks about applicable taxes, how to file tax returns and accounting practices, among other things.
In particular, the new version of its guidelines claims cryptocurrencies such as bitcoin are neither money nor "securities", therefore transactions with these are exempt from paying taxes.
However, tokens used in debt transactions are still subject to stamp taxes.
The country's tax authority also requires companies to keep records of cryptocurrency transactions in pounds sterlings and keep records of the valuation methodology for these transactions.
In December 2018, the HMRC published a crypto transaction guide for individuals, clarifying several tax issues related to airdrops, forks and mining.
Last August, iHodl reported that Her Majesty's Revenue and Customs (HMRC) had asked cryptocurrency trading platforms to reveal customers' names and transaction histories in an attempt to collect unpaid taxes.
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