HM Revenue & Customs, the United Kingdom’s tax authority, will publish new guidance on cryptocurrency taxation next week.
The update, due March 30, will consolidate two existing pieces of guidance on crypto tax into a single “crypto manual”, according to people with knowledge of the situation. They said the move is an attempt to “future proof” further guidance, which they said could be updated multiple times over the next year.
The same sources expect fresh guidance from the taxman on yield earned by lending out cryptocurrencies – which startups like BlockFi have made increasingly popular – and on staking, through which crypto holders earn rewards for helping to maintain proof-of-stake blockchains.
In a statement sent to The Block, a spokesperson for HMRC confirmed it would soon …