After days of severe market crashes, Bitcoin reached the 30,000 mark. However, large numbers of investors remain underwater. The crypto market’s gains from 2021 have been erased by the recent market selloff led Terra and its native cryptocurrencies.
However, investors who are worried about their losses in Britain can now offset them with future tax filings gains, according to HM Revenue and Customs (HMRC), the nonministerial UK Government department responsible for tax collection.
HMRC stated that it views crypto assets like bitcoin the same as equities. According to Yahoo Finance, the director clarified that crypto gains are considered capital gains and subject to 20% tax. These losses can be used to offset future capital gains, like those from property, but investors should not do anything to avoid further losses. The UK authorities state that such claims of negligible value can be carried forward indefinitely and are eligible for future gains offset. This is true for both crypto investments as well. Investors can also give assets to their spouses or civil partners without incurring additional capital-gain taxes. This effectively doubles the tax-free gains available each year. CryptoPotato reported that the GST council, India’s tax authority, considered the highest 28% GST slab to crypto gains. This was due to the sector being treated on the same level as gambling, horse racing and lottery.
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