Taxation of Cryptoassets - Resolving the Confusion for Private Client Professionals

Introduction

Until cryptoassets, the UK had not dealt with how to tax a major new asset class for several generations.

The resulting confusion often means taxpayers are overly bullish - it is still not uncommon for clients to assume cryptoassets are somehow tax-exempt - or overly conservative, especially given HMRC’s guidance which is in many cases quite dubious.

This new virtual classroom seminar, aimed at those advising UK individual taxpayers, will cover how the UK taxes cryptoassets, how to avoid the tax pitfalls when it comes to transacting in and holding cryptoassets, and where the individual taxpayer can deviate from HMRC’s view, should they wish to do so.

What You Will Learn

This live and interactive course will cover the following:

• How income tax, capital gains tax, and inheritance tax apply to cryptoassets
• How stamp taxes apply
• How to avoid the common tax pitfalls
• When crypto transactions might be considered (non-taxable) gambling, notwithstanding HMRC’s view to the contrary
• Where cryptoassets are situated for UK tax purposes, and why HMRC’s view on this is wrong
• When cryptoassets might be currency for tax purposes, and the tax effects of that
• How decentralised finance is taxed, and how to challenge HMRC’s views on this
• If a taxpayer deviates from HMRC’s view, how (if at all) they should report this on their tax returns?
• The principles to apply when valuing cryptoassets for UK tax purposes
• Whether a crypto-trading business can qualify for business property relief from inheritance tax

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.