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  • RE: Nexo

    Many thanks for your response. From reading the CRYPTO61213, I take it to mean that this would fall under miscellaneous income and as a result there is a £1,000 allowance before any income tax is due on these rewards. This is obviously assuming that there are no other miscellaneous income streams using up this allowance. Is this correct?
  • RE: Nexo

    Thanks for your reply. So it's not classed as interest, is it then just classed as income and subject to income tax at whatever income tax band you fall into? Can you point me in the direction of where I will find this info in the crypto assets manual please?
  • RE: Nexo

    I meant to ask if there was a tax free interest allowance like there is with fiat currency, the first £1000 in interest being tax free.
  • Nexo

    Hi there, I have a few questions regarding interest earned through the Nexo platform. I have GBP in my Nexo account which earns interest. It is converted into GBPx on a 1-1 exchange rate between GBP and GBPx. Interest is then earned on GBPx and is paid into my account daily. Upon withdrawal the GBPx is then converted back into GBP and paid into my bank account. Can you show me where I would find the relevant tax legislation that covers this? I can't see anywhere that covers the interest earned on cryptocurrency. Presumably this would fall under income tax. Is there a threshold below which there is no personal tax liability on the interest earned? If for example there was only a trivial amount of interest earned, eg. £1.20, would this still be required to be reported? Many thanks in advance.