HMRC has published a summary of responses to the consultation on the expansion of the investment manager exemption to include transactions in cryptoassets. The government intends to use a definition of cryptoassets which is based on the current OECD Crypto-Assets Reporting Framework (CARF) definition and the summary of responses looks at how the rules will apply.
Following the consultation, HMRC says that regulations are to be introduced by the end of the 2022 calendar year to have effect for transactions entered into during the 2022/23 tax year for non-corporate entities, and accounting periods current on 31 December 2022 for corporate entities. Guidance on those regulations is expected to be published ‘in the near future’, according to HMRC.
HMRC has published a summary of responses to the consultation on the expansion of the investment manager exemption to include transactions in cryptoassets. The government intends to use a definition of cryptoassets which is based on the current OECD Crypto-Assets Reporting Framework (CARF) definition and the summary of responses looks at how the rules will apply.
Following the consultation, HMRC says that regulations are to be introduced by the end of the 2022 calendar year to have effect for transactions entered into during the 2022/23 tax year for non-corporate entities, and accounting periods current on 31 December 2022 for corporate entities. Guidance on those regulations is expected to be published ‘in the near future’, according to HMRC.
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