United Kingdom: Adopted Investment Transactions List expansion to exempt crypto-assets transactions from taxation
Description
Adopted Investment Transactions List expansion to exempt crypto-assets transactions from taxation
On 20 December 2022, the Commissioners for His Majesty's Revenue and Customs (HMRC) of the United Kingdom adopted the Investment Manager (Investment Transactions) (Cryptoassets) Regulations 2022. The Regulations include the transactions that fall under the Investment Manager Exemption (IME), exempting certain types of transactions conducted on behalf of overseas clients from UK taxation. The scheme applies only to UK residents. The provision will become effective as of 1 January 2023.
Original sourceScope
Policy Area
Taxation
Policy Instrument
Taxation, nes
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
tax authority
Complete timeline of this policy change
Hide details
2022-05-23
in consultation
2022-07-18
processing consultation
2022-12-20
adopted