Cryptocurrency is a form of cryptoasset that makes use of a distributed ledger technology called blockchain. There are no specific UK tax rules for cryptocurrency, so existing provisions are applied to determine the tax position. This is relatively straightforward in some cases but can be challenging in others.
To help with this, ICAEW’s TAX Faculty has published two TAXguides for ICAEW members covering the UK taxation of cryptocurrency held by businesses and individuals.
At Spring Budget 2024, the government launched a consultation on how the UK implements the OECD’s Cryptoasset Reporting Framework (CARF). The CARF provides a new framework for the automatic exchange of tax-relevant information on transactions in cryptoassets. Responses are required by 29 May 2024.
If you would like to contribute to a response from ICAEW, please contact taxfac@icaew.com.
This article was first published by ICAEW at the following URL: https://www.icaew.com/insights/tax-news/2024/mar-2024/cryptoassets-new-icaew-guidance-and-government-consultation
