Crypto mining tax uk

crypto mining tax uk

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Mining Crypto in the UK? Check this out #crypto #cryptomining #tax
There is no tax for simply holding cryptocurrency in the United Kingdom. You won't be required to report your crypto to the HMRC unless you earn. How are cryptocurrency miners taxed by HMRC? Do you pay capital gains tax or income tax on mining proceeds? If the mining activity does not amount to a trade, the pound sterling value (at the time of receipt) of any tokens awarded will be taxable as.
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Cost Basis refers to the amount it costs you to acquire the coin. The tax rules for running your own business are complex. Then you have until 31st January following the end of the tax year to pay. When a user locks up their existing cryptocurrency as collateral, they can receive tokens in return. Written by Daniel Howitt.