HMRC have published the outcome of their consultation on “the expansion of the Investment Management Exemption (IME) to include transactions in cryptoassets”.
The intention is to make the change through regulations before the end of this year. The change will “have effect in relation to transactions entered into during the 2022 to 2023 tax year for non-corporate entities, and accounting periods current on 31 December 2022 for corporate entities”.
Related content from Claritax Books
In Cryptocurrency and Other Digital Assets – Tax Law and Practice, by Andy Wood, the author explores how established principles of UK taxation (e.g. trading or investment, the nature of income, the location of assets, tax reliefs) are properly applied to the fast-moving crypto world.