Key Points: From January 1, 2023, foreign investors who choose to work directly with local brokers or investment managers in order to make cryptocurrency investments are exempt from paying taxes in the UK.
HMRC stated that the tax exemption was a key component in luring international investors. It ensured that foreign investors would not be subject to UK taxes simply by hiring an investment manager from the UK.
In an effort to keep the UK as a global leader for investment management, the exception has been extended to include crypto assets. This will ensure that the appointment of UK managers to manage crypto-related funds is not delayed.
The United Kingdom will implement a tax exempt policy for foreign investors who appoint local investment managers or brokers to invest in cryptocurrency. This is already available to resident cryptocurrency dealers. HM Revenue and Customs (HMRC), launched a consultation in July to seek opinions from experts and investors about how the country should tax decentralized finance. The UK will implement a tax exemption policy for foreign investors who appoint local brokers or investment managers to invest in cryptocurrencies. In April, Raji Sunak, the current prime minister, stated that he hoped to make the UK a global crypto hub. Sunak announced the tax exemption in December as part of his plans to make the U.K. a global hub for cryptocurrency. The UK also announced earlier this month that it would expand tax benefits for investment managers to incorporate crypto assets. Jeremy Hunt, Chancellor of the Exchequer of the UK, presented a package of regulatory changes for the UK’s banking sector. The list includes the introduction of a digital currency, blockchain testing, and increased investments in cryptocurrency companies. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: cryptoCrypto TaxHM Revenue and CustomsHMRCUK