NFT seized by UK Government

[AMDKilla]

Summary

 The UK equivalent to the IRS (HMRC) has seized an NFT in a potential £1.4m fraud case. Three people have been arrested under suspicion of creating 250 alleged fake companies in an attempt to defraud the UK tax authority of £1.4m

 

Quotes

Quote

 HMRC said it had secured a court order to detain the seized crypto assets worth about £5,000 and three digital artwork NFTs, which have not been valued, while its investigation continues.

 

My thoughts

 Looks like governments may decide that NFTs hold enough value to be classed as a taxable asset.

 

Sources

https://www.bbc.co.uk/news/business-60369879

[da na]

Never thought I'd live to see the day when the government deemed a monkey JPEG fraudulent...

[Spotty]

1 minute ago, AMDKilla said:

and three digital artwork NFTs, which have not been valued

That's a funny way to say worthless.

[SorryBella]

4 minutes ago, AMDKilla said:

NFTs hold enough value to be classed as a taxable asset

Thats naive, considering most high class expensive arts are meant to store value to evade taxes.

[Arika]

11 hours ago, SorryClaire said:

Thats naive, considering most high class expensive arts are meant to store value to evade taxes.

[suicidalfranco]

5 hours ago, Arika S said:

Snip

[Elijah Kamski]

So... they got nothing....????

[jaslion]

4 hours ago, suicidalfranco said:

Like as an artist myself I really like the fact that most of my commisions are from individuals or smaller companies where it is meant to mean something instead of hey can you create a tax evasion/money laundering soulless piece.

 

To be fair I have like 7 pieces where I am verrrrry skeptical about what happened with them or what they were used for but hey I got payed decently and all right for it were purchased so oh well.