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Individuals holding cryptoassets: uptake and understanding

Interesting report here commissioned by HM Revenue and Customs (HMRC) exploring the cryptoasset market in the UK. 

Last year HMRC produced detailed guidance for individuals and agents to help them understand their tax liability by setting out HMRC’s view on how cryptoassets are taxed. This latest report however indicates that the manual (i.e., the guidance) has only been seen by 28% of current and former cryptoasset owners. It begs the question, how can current and former cryptoasset owners be reporting their cryptoassets accurately?


The main use of cryptoassets is for investment purposes, so they are generally within scope of Capital Gains Tax. Understanding of Capital Gains Tax was mixed: 34% of owners said they had a good understanding, but 37% knew little or nothing and 22% were not familiar with it at all.

Tags

blockchain, crypto