DeFi is encouraging lending and borrowing in the crypto world. Sam Inkersole (BKL) reviews the updates to HMRC’s Cryptoassets Manual.
Regardless of what you may think personally about cryptocurrency and whether it is here to stay clients from all areas in the personal and corporate worlds are getting involved. When dealing with the annual tax returns it is now quite common for a client to mention that ‘I hold some crypto and may have had some gains in the year.’ In the most simplistic of cases clients would be trading crypto tokens through a recognised exchange (such as Coinbase or Kraken) a relatively simple affair. More recently even those at the less tech-savvy end of the spectrum are venturing into the ‘DeFi’ space and this term is one that many advisers do not yet fully understand. To advise properly one needs to keep...
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DeFi is encouraging lending and borrowing in the crypto world. Sam Inkersole (BKL) reviews the updates to HMRC’s Cryptoassets Manual.
Regardless of what you may think personally about cryptocurrency and whether it is here to stay clients from all areas in the personal and corporate worlds are getting involved. When dealing with the annual tax returns it is now quite common for a client to mention that ‘I hold some crypto and may have had some gains in the year.’ In the most simplistic of cases clients would be trading crypto tokens through a recognised exchange (such as Coinbase or Kraken) a relatively simple affair. More recently even those at the less tech-savvy end of the spectrum are venturing into the ‘DeFi’ space and this term is one that many advisers do not yet fully understand. To advise properly one needs to keep...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
