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The Budget 2018: Regulation and taxation of cryptoassets

The Budget 2018: Regulation and taxation of cryptoassets

  • United Kingdom
  • Tax planning and consultancy - Budget

30-10-2018

The Cryptoassets Taskforce’s final report outlines the Taskforce’s analysis and findings including how the current regulatory perimeter applies to different uses of cryptoassets, the impact of distributed ledger technology on financial services and actions that will be taken by these bodies going forward. A range of consultations are to be launched on how such cryptoassets should be regulated and HMRC are to update their guidance on taxation of cryptoassets by early 2019.

The Taskforce makes clear that the regulatory and tax frameworks should be aligned. This will be of interest to and has the potential to impact FinTech, traditional financial institutions, companies wishing to raise finance through Initial Coin Offerings and potential investors.

Certainty is what is required in this evolving area and is what the relevant stakeholders would like as the outcome of the various actions proposed by the Taskforce.

For more information on taxing Initial Coin Offerings see here.

Please view our dedicated Budget 2018 hub here. It will give you access to our watch list, our contributors and relevant articles and tweets.

www.eversheds-sutherland.com/thebudget

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