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Posted Sun, 15 May 2022 23:12:18 GMT by C K Chow
Hi, As shown in CRYPTO21200, cryptoassets awarded by staking will be taxable as miscellaneous income if the activity does not amount to a trade. As an employed UK tax resident with no self-employment, if the activity does not amount to a trade, is it correct that these cryptoassets do not qualify for the £1,000 trading allowance and need to be reported regardless of the amount? If so, should the amount be reported in Box 17 on page TR 3 of SA100? Thank you.
Posted Tue, 17 May 2022 09:35:09 GMT by HMRC Admin 17

Hi,

 
The allowance is known as the trading and miscellaneous allowance (TMIA) and can also be used for any income
that is chargeable as miscellaneous income.

See BIM86000 - Business Income Manual - HMRC internal manual - GOV.UK (www.gov.uk)
Only one allowance of £1000 is available to an individual.

Thank you.
Posted Wed, 18 May 2022 10:13:43 GMT by C K Chow
Hi, Thank you for your clarification. Do we just leave the Box 17 on page TR 3 of SA100 blank if the trading and miscellaneous income in total is within £1,000? Thank you.
Posted Thu, 19 May 2022 13:18:04 GMT by HMRC Admin 10
Hi
Yes if the income is below the allowance there is no requirement to include in box 17.
Thankyou.
Regards.

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