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If buying bitcoin was 'gambling,' its profits are tax-free in UK

Section: Daily Dispatches

The Tax-Free Bitcoin Loophole that Could Cost UK Treasury Millions

By Katie Morley
The Telegraph, London
Saturday, January 20, 2018

A tax loophole that reduces bitcoin investors' gains to zero will be exploited by people filling in their returns for this tax year, potentially creating millions in lost revenue for the government, experts have warned.

Her Majesty's Revenue and Customs is expecting to see a surge in the number of taxpayers declaring gains from cryptocurrencies this year after many investors sold their holdings after values soared, leaving them with huge profits.

However the taxman's anticipated windfall could be far less than expected thanks to a loophole that lets taxpayers class their investment in cryptocurrency as "gambling," winnings from which are tax-free. ...

... For the remainder of the report:

http://www.telegraph.co.uk/news/2018/01/20/revealed-tax-free-bitcoin-loo...



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