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In the absence of any cryptoasset specific tax legislation, the only possible approach is to take to determine the tax treatment of cryptoassets is on a case-by-case basis ― and determine in each case whether the cryptoasset fits the definition of whatever the tax covers. In order to assist in this process, HMRC has published a manual on the tax treatment of cryptoassets starting at CRYPTO10000 which covers the treatment for both businesses and individuals. For businesses, this covers potential liability to CGT, CT, IT, NIC, stamp duty, stamp duty reserve tax and VAT on transactions companies and other businesses (including sole traders and partnerships) may undertake involving cryptoasset exchange tokens, such as Bitcoin. For more details of cryptoassets in relation to individuals as an investment, see the Taxation of cryptoassets ― overview guidance note and Simon’s Taxes C6.1.

Exchange tokens are intended to be used as a method of payment and encompass ‘cryptocurrencies’ like Bitcoin. They utilise a form of ‘digitalised ledger technology’ and typically there is no person, group or asset underpinning