The publication says,
This paper sets out HMRC’s view - based on the law as it stands at the date of publication – about how individuals who have cryptoassets are taxed. It does not explicitly consider the tax treatment of cryptoassets held for the purposes of a business carried on by an individual.
You need to understand how lucky you guys are! You already have a legal framework where crypto is legally recognized. Also you have a tax law around this. Finally now you have a guidance publication to support the individuals who deal in cryptos! In my country, bank accounts are getting freezed for dealing in cryptos!
I can feel your pain in there sir! Indeed, it is quite hard to be dealing with something that is not recognized by the government even in a seemingly vague way. With the taxation in law, we are always assuming that the government is somehow recognizing the legality of something where the tax is imposed on. I am sure that in countries where recognition of cryptoassets is not yet a reality, time will come when that can happen too. Just be patient and be always creative while dealing with cryptocurrency.
The problem with us in the UK, is that the HMRC could change their stance or ruling at any time in the future and then retrospectively come after you for tax money in many years to come !!!
@avikz , I do feel for you - crazy, but at least we are allowed to hold/trade etc in crypto .
In any country, there are advantages as well as disadvantages that cryptocurrency holders, users and traders are facing and we can't do anything but deal with them for now. Well, as citizens, we can voice out our concerns so the government can also hear what the people in this industry can be saying but for now following the existing law is the best thing to do. With the law established in taxation comes the recognition of the industry so that we are now anymore considered to be in an illegal business and that counts a lot.