Are you looking for tax efficient ways to buy Crypto? Yes, please tell me more about the tax implications of buying and holding Crypto… Due
Yes, please tell me more about the tax implications of buying and holding Crypto…
Due to the declining performance of traditional wealth management asset classes in recent years, many of our clients have diversified their portfolios and invested in cryptocurrency. While previously considered a non-conventional asset class, crypto-currency is now being viewed as a valuable addition by many wealth-manager, accountants and independent financial advisors.
However, it’s crucial that you always consider the tax implications of holding cryptocurrency. As HM Revenue & Customs doesn’t recognise cryptocurrency as currency, but as an asset in itself, you’ll need to pay capital gains tax on any profits you make. As a result, many people underestimate their tax obligations when buying and selling cryptocurrency and its contribution to their capital gains allowance.
9.8 million Britons owned cryptocurrency as of February 2021
Cryptocurrency is one of the strongest performing asset classes over the last 3 years. Like all investments, cryptocurrency can create short term volatility, however, its track record has, over the medium to long-term, demonstrated remarkable returns to investors.
Because of the education we provide, our customers are aware of the tax implications of holding crypto, but there are many people out there who will be in for a shock when the letter from HM Revenue & Customs lands on their doorstep.
All of this is good news for ‘tax-savvy’ investors with a medium to long term perspective, who are prepared to embrace any potential short-term volatility in the prospect of securing growth, and is the prime reason that prompted us as a crypto wealth building platform to open up our platform to SSAS pensions and ISA investors.
At Dacxi, we’ve teamed up with specialists in crypto accountancy who educate and provide advice on the most tax-efficient routes to buying Cryptocurrency. We enable the freedom and power for our clients to efficiently purchase Cryptocurrency on our easy-to-use secure exchange interface.
In addition to deducting specific allowable costs against your cryptocurrency profits, Dacxi is also the first exchange built to utilise vehicles such as a Small Self Administered Scheme (SSAS) pension or your ISA tax allowance. Thus ensuring any gains can be maximised through diversity and innovation.