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Does interest from crypto exchanges count towards PSA?
pecunianonolet
Posts: 2,014 Forumite
Hi all,
Just wondering if any interest income generated at crypto exchanges such as Binance, Coinbase, etc. is accountable against PSA allowance? Read somewhere here that none of those are FSCS regulated but that doesn't mean that the government is not trying to benefit from it via tax. They all have KYK requirements to open an account and trade so they might be obliged to send figures to HMRC.
Does anyone know?
Just wondering if any interest income generated at crypto exchanges such as Binance, Coinbase, etc. is accountable against PSA allowance? Read somewhere here that none of those are FSCS regulated but that doesn't mean that the government is not trying to benefit from it via tax. They all have KYK requirements to open an account and trade so they might be obliged to send figures to HMRC.
Does anyone know?
0
Comments
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As per HMRC rep post:
Cryptocurrency De-fi - Tax on interest earned - Community Forum - GOV.UK (hmrc.gov.uk)
>The returns would not be treated as interest as there needs to be a money debt on which interest accrues, cryptoassets are not currently considered money.
>Any return on cryptoasset balances are likely to be taxable as miscellaneous income to the extent you are not carrying on a trade.
1
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