Since the launch of Bitcoin in 2009, cryptocurrencies have grown steadily into the public consciousness, and HMRC’s too.
In 2014, HMRC issued basic guidance before replacing it with comprehensive guidance more recently, that helps us better understand their stance.
While it can be a speculative activity (Bitcoin value has moved by 65% in one day), HMRC does not consider it gambling. This is a change of position from its 2014 guidance, so this means there is no capital gains tax exemption for any gains made.
Read our article for further details on how HMRC has updated its tax guidance for digital currencies or talk to us about cryptocurrency taxation.