Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Chapter CRYPTO21100

Document Cited authorities 2 Cited in Related
Vincent
Published date30 March 2021
Record NumberCRYPTO21100

Cryptoassets received as employment income count as ‘money’s worth’, see EIM00530, and are subject to Income Tax and National Insurance contributions on the value of the asset.

Cryptoassets provided in the form of Readily Convertible Assets (RCAs)

Cryptoassets are RCAs if trading arrangements exist, or are likely to come into existence, in accordance with section 702 of the Income Tax (Earnings and Pensions) Act 2003.

Exchange tokens like bitcoin can be exchanged on one or more token exchanges in order to obtain an amount of money. On that basis, it is our view that ‘trading arrangements’ exist, or are likely to come into existence at the point cryptoassets are received as employment income.

Where cryptoassets are provided in the form of a readily convertible asset the employer is therefore required to...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT