The UK will implement crypto tax relief for foreigners using local brokers for crypto trading.
The tax exemption, announced in December, is part of Prime Minister Rishi Sunak’s plans to turn the UK into a crypto hub.
UK to Apply Tax Exemption
The UK is applying tax exemptions for foreign investors who buy crypto through local investment managers or brokers from Sunday.
“This exemption is a key factor in attracting global investors, meaning foreign investors will not be taxed in the UK simply by appointing UK-based investment managers,” the government’s tax arm, HM Revenue and Customs, said in an email to CoinDesk.
The email also included:
“To improve the UK’s position as an investment management centre, this exemption has been extended to include crypto assets so that funds containing them will not cease to appoint UK directors.”
Parliament is discussing the sweeping Financial Services and Markets Bill, which, if enacted, would give local financial regulators greater powers over crypto. The UK Treasury also plans to launch a consultation on how the crypto sector can be regulated in the coming weeks.
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