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Gungun Bhatia
Jan 2, 2023
by Gungun Bhatia

UK Imposes Crypto Tax Rebate for Foreigners Through Local Brokers

UK Crypto Tax Rebate

Table of contents

  1. Significance of the UK Crypto Tax Rebate
  2. Great Control Over Cryptocurrencies
Beginning on Sunday, the UK will enforce a crypto tax rebate for international investors buying cryptocurrency through regional investment managers or brokers. The tax concession was announced in December as part of Prime Minister Rishi Sunak's aim to establish the United Kingdom as a center for the cryptocurrency industry.

Significance of the UK Crypto Tax Rebate

The tax division of the government, HM Revenue, and Customs stated that this exemption is a significant component in bringing international investors, ensuring international investors won't be pulled into U.K. tax merely by choosing U.K.-based investment managers. This exception has been expanded to encompass cryptocurrency assets so that funds incorporating them aren't deterred from choosing U.K. managers.

The nation already provides resident cryptocurrency dealers with tax advice. HM Revenue and Customs released a consultation in July to get opinions from investors and industry experts regarding how to tax decentralized financing (DeFi).

Great Control Over Cryptocurrencies

The comprehensive Financial Services and Markets Bill, which, if approved into law, would give regional financial authorities greater control over cryptocurrencies, is now being discussed in Parliament. In the upcoming weeks, the U.K. Treasury also intends to begin a consultation concerning how to govern the cryptocurrency industry.

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Cryptocurrency Rishi Sunak United Kingdom decentralized financing (DeFi)
UK Imposes Crypto Tax Rebate for Foreigners Through Local Brokers
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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