Her Majesty’s Revenue and Customs, UK's tax, payments and customs authority, has updated its cryptocurrency taxation policy paper for businesses and individuals.

The HMRC's approach in this policy paper is, as expected, conservative, and it stands in line with other countries’ tax treatment for cryptocurrencies. The HMRC explicitly states that it does not consider crypto as a currency, and the policy paper uses the term "cryptoassets" and not cryptocurrency.

The policy paper on individuals considers crypto activity as a personal investment subject to capital gains tax that should be paid when crypto is sold for fiat, using crypto to pay for goods or services, gifting crypto or — unlike the position of the French tax authority — exchanging crypto for crypto. The policy paper also states that an employee’s salary and mining activity are subject to income tax.