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Reflection Tokens - (Safemoon)?

  • 13-12-2021 02:18PM
    #1
    VizardAnto
    Registered Users, Registered Users 2 Posts: 142 ✭✭


    Just wondering does anyone know how reflection tokens for example Safemoon that gain tokens for holding in your wallet. Where do they fall under Income/ CGT. Are they treated similar to how airdrops/staking rewards?

    I haven't seen anything online about it. I think reflection tokens are new type of token that came out this year. I could be wrong.



Comments

  • #2
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,544 ✭✭✭BrokenArrows


    There is a 0% chance that the government have a rule about how reflection should be treated so i would treat it the same as a staking reward.

    This means it is taxed as income when you receive the reflection and when you sell it then its taxed as CGT.


    However since reflections are constant and there is no transaction records for the tokens you receive i dont really know how this could be accurately reported or audited.



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