Does bitcoin count as income in the U.K.?
<p>If I mine bitcoin, would it count as income in the UK? If so, would I have to declare the value of my bitcoin on any forms which ask for how much money/income I have?</p>

<p>Yes you would. </p>

<p>Bitcoin is a form of property right or asset, just like any other form of wealth. And, income is a positive increase in the sum total of your property rights. You might be able to take deductions in connection with whatever you parted with in order to obtain a bitcoin, depending on the transaction, just as you might be able to take a deduction for inventory expenses associated with income in the form of money.</p>

<p>Yes.</p>

<p>HMRC "does not consider cryptoassets to be currency or money" but sees them as having economic value because "they can be 'turned to account' - for example, exchanging them for goods, services, fiat currency (that is money declared by a government to be legal tender) or other tokens". They are "a new type of intangible asset". </p>

<p>Individuals are liable "to pay UK tax if they are a UK resident and carry out a transaction with their tokens which is subject to UK tax". They are liable for "Income Tax and National Insurance contributions on cryptoassets which they receive from their employer as a form of non-cash payment [or from] mining, transaction confirmation or airdrops."  - <a href="https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals" rel="nofollow noreferrer">HMRC cryptoassets for individuals</a></p>

united-kingdom tax-law cryptocurrency