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Cryptoassets: new ICAEW guidance and government consultation

Author: ICAEW Insights

Published: 11 Mar 2024

ICAEW’s Tax Faculty has published two TAXguides on the taxation of cryptocurrency. The government is consulting on the implementation of the Cryptoasset Reporting Framework.

Cryptocurrency is a form of cryptoasset that makes use of a distributed ledger technology called blockchain. There are no specific UK tax rules for cryptocurrency, so existing provisions are applied to determine the tax position. This is relatively straightforward in some cases but can be challenging in others.

To help with this, ICAEW’s TAX Faculty has published two TAXguides for ICAEW members covering the UK taxation of cryptocurrency held by businesses and individuals. 

At Spring Budget 2024, the government launched a consultation on how the UK implements the OECD’s Cryptoasset Reporting Framework (CARF). The CARF provides a new framework for the automatic exchange of tax-relevant information on transactions in cryptoassets. Responses are required by 29 May 2024.

If you would like to contribute to a response from ICAEW, please contact taxfac@icaew.com.

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ICAEW's Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.

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TAXguides provide practical guidance to practitioners on important developments to tax practice and policy. Tax Faculty members are able to download all guides in their entirety.

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