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Crypto + staking + tax

  • 23-06-2020 7:17pm
    #1
    tuff1
    Registered Users Posts: 98 ✭✭


    So seeing as more and more coins are implementing their own version of staking, I'm interested to know the tax implications of this.

    Let's say, for example, coin X offers a 10% Staking return over a year. So you buy 1,000 X coins, a year later the staking matures and you have 1,100 X coins.

    How is the above situation taxed? CGT? DIRT? Is it taxed at all if the coin isn't converted to fiat?


Comments

  • #2
    super ted rules
    Registered Users Posts: 31 ✭super ted rules


    tuff1 wrote: »
    So seeing as more and more coins are implementing their own version of staking, I'm interested to know the tax implications of this.

    Let's say, for example, coin X offers a 10% Staking return over a year. So you buy 1,000 X coins, a year later the staking matures and you have 1,100 X coins.

    How is the above situation taxed? CGT? DIRT? Is it taxed at all if the coin isn't converted to fiat?

    It'll be taxed when you earn it. Exactly what tax hasn't been clearly defined by Revenue.

    tbf to them staking can mean very different things.

    The main thing is to pay it and declare what approach you've taken.


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