Her Majesty’s Revenue and Customs (HMRC) manages the United Kingdom’s tax, payments, and customs authority. As per the announcement, the HMRC has updated it’s cryptocurrency taxation guidelines for businesses and individuals.
The report says that HMRC does not consider Bitcoin and other altcoins to be either currency or “stock or marketable securities”. Companies that buy or sell tokens, mine, exchange tokens for other assets or provide goods or services in return for tokens have to pay for one or more different types of tax. The tokens traded for debt recovery are also taxable.