Do I have to pay tax on Bitcoin profits (and what will happen if I don't)?

 The price of Bitcoin has fluctuated wildly this week, gaining 15pc in less than 24 hours before falling by 17pc in under six hours.Despite the wild ride, anyone who invested before this week has made a gain. The digital currency has risen by more than 1,000pc this year, and early backers have made bigger sums still. A £100 investment five years ago would be worth around £75,000 today.Many took the opportunity to bank profits as the price of the digital currency soared past the $10,000 mark – although exchange crashes have caused difficulties for many attempting to sell.With profits, comes tax - but how exactly does the taxman treat profits from Bitcoin and other cryptocurrencies?

Your Bitcoin gains are likely to be taxable

HMRC is not keeping up with the pace of Bitcoin fever.The last guidance it issued on the taxation of cryptocurrencies was more than three years ago in March 2014 -...