cryptodaily.co.uk: UK Enforces Crypto Tax Exemption for Foreign Investors

  • Monday, 02 January 2023 20:28
In its latest effort to become a global cryptocurrency hub, the United Kingdom has introduced a tax exemption for non-residents and foreign investors. The exemption applies when users purchase digital assets through local investment managers or brokers. As part of newly elected Prime Minister, Rishi Sunak’s, efforts to make the U.K. a global cryptocurrency hub, a new crypto tax break for non-residents and foreign investors came into effect on January 1, 2023. The news was first reported by CoinDesk, which said that the U.K. government’s tax arm, the HM Revenue, and Customs, said in an email: This exemption is an important factor in attracting global investors, meaning foreign investors won’t be brought into U.K. tax simply by appointing U.K.-based investment managers. It continued to say: To build upon the U.K.’s position as an investment management hub, this exemption has been extended to include crypto assets, so that funds which include them aren’t put off from appointing U.K. managers. The United Kingdom already has a tax guide in place for resident cryptocurrency traders and in July, the HM Revenue and Customs issued a consultation to obtain the views of investors and professionals on how the country should go about taxing decentralized finance. Bank of England Says Crypto is Too Dangerous Not to Regulate The Bank of England recently made statements regarding the danger of cryptocurrencies and the absolute need to regulate the industry. The deputy governor of the BoE warned that crypto trading is simply “too dangerous” to remain unregulated and added that it could pose “a systemic problem” should action not be taken. The deputy governor added that the BoE might soon regulate the industry in an attempt to protect investors against the danger of crypto trading, as well as the wider financial system against the fallout associated with crypto. The BoE’s stance is that retail investors should be able to safely speculate on crypto, as they do in traditional markets. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Additional Info

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Disclaimer: As a news and information platform, also aggregate headlines from other sites, and republish small text snippets and images. We always link to original content on other sites, and thus follow a 'Fair Use' policy. For further content, we take great care to only publish original material, but since part of the content is user generated, we cannot guarantee this 100%. If you believe we violate this policy in any particular case, please contact us and we'll take appropriate action immediately.

Our main goal is to make crypto grow by making news and information more accessible for the masses.