HMRC sends warning to cryptoasset users

Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return. 

Tax may be due when a person: 

• receives cryptoassets from employment, if they are held as part of a trade, or are involved in crypto-related activities that generate an income 

• sells or exchanges cryptoassets, including:

  • selling cryptoassets for money 

  • exchanging one type of cryptoasset for another 

  • using cryptoassets to make purchases 

  • gifting cryptoassets to another person 

  • donating cryptoassets to charity.