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The recent update of Her Majesty’s Revenue and Customs (HMRC) regulations introduced a digital service tax that will be applied to cryptocurrency exchanges operating in the UK.
UK crypto exchanges will now have to pay a 2% digital services tax, according to a Telegraph report. The British tax authority, HMRC, does not recognize digital assets as financial instruments, so exchanges are not eligible for financial exemptions.
- UK Tax Authority to go after tax evaders on cryptocurrency
On November 28, the authority included cryptocurrency exchanges under the Treasury Department’s technology tax. A digital services tax on income was introduced in April 2020 and targeted search and social media giants such as Facebook (NASDAQ 🙂 and Google (NASDAQ :).
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