HMRC could be deprived of millions of pounds due to a loophole that allows bitcoin investors to declare their returns as tax-exempt gambling winnings. That could leave tax collector If someone is deemed to fit this description they will be forced to pay 18 per cent tax on any money over £11,300 if they pay basic-rate tax and 28 per cent if they are a high rate taxpayer. The UK Treasury , which is accused of being outdated about bitcoin, missing out on revenue from the cryptocurrency boom. Regulation is expected soon, following discussions between German Chancellor Emmanuel Macron and German President Angela Merkel on how to regulate cryptocurrencies to prevent them sparking financial instability.
HMRC could be deprived of millions of pounds due to a loophole that allows bitcoin investors to declare their returns as tax-exempt gambling winnings. That could leave tax collector The UK Treasury , which is accused of being outdated about bitcoin, missing out on revenue from the cryptocurrency boom. Regulation is expected soon, following discussions between German Chancellor Emmanuel Macron and German President Angela Merkel on how to regulate cryptocurrencies to prevent them sparking financial instability.