UK tax office exempts crypto assets from stamp duties

The UK Internal Revenue Service has issued tax guidance for companies, complementing its previous recommendations for individuals. At the same time, cryptocurrencies are not recognized as currencies or securities.

In the manual
explains how to calculate capital gains tax, corporate tax, national insurance contributions, income tax and other types of taxes. In particular, Her Majesty’s Ministry of Taxes and Customs Fees (HMRC) said that it does not consider cryptocurrencies as currencies or securities, which exempts them from stamp duties.

However, according to the manual, tokens used in debt operations are still subject to stamp duties on securities. HMRC also requires companies to keep records of cryptocurrency transactions in pounds sterling and to take into account the valuation methodology for these operations. Companies must also record the amount spent on each type of exchange token.

Recall that in December last year, the British Internal Revenue Service issued
a detailed explanation of how she views cryptocurrency assets and how citizens can be taxed on these assets. Then the agency did not explain the taxation scheme for tokens owned by companies or used for business.

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Almost all large countries seek to clarify their position regarding the taxation of cryptocurrency assets. For example, in October, the US IRS added
cryptocurrencies in the taxpayer reporting form. Earlier, the U.S. Internal Revenue Service issued a guide, which became the first document published in the United States in five years regarding the calculation of taxes from cryptocurrency transactions, as well as when receiving new coins as a result of forks and distributions by developers.