As a relatively new type of asset, cryptocurrencies and blockchain technology have resulted in several uncertainties over their taxation. We refer to them as assets, as HM Revenue & Customs (HMRC) do not consider cryptoassets to be currency or money.
There is no specific tax legislation regarding these assets, so they are instead covered by broader tax rules. HMRC have been producing guidance to assist taxpayers but there are still areas of uncertainty, contention and practical problems, most notably when it comes to valuations record-keeping and the situs of cryptoassets.
At Saffery Champness, our experts in the UK and overseas can guide our clients through this ever-evolving area. We keep on top of the latest developments, can assist with defining the terminology used and most importantly, can ensure the correct tax treatment of cryptoassets both in the UK and overseas.
Our experts can help with:
- Advising on the tax treatment of cryptoassets, including the purchase and disposal of cryptoassets, as well as any income received via mining or staking for example.
- Advising on the tax implications for individuals who are non-UK resident or non-UK domiciled, including, if appropriate the provision of offshore fiduciary services through our offices in Guernsey, Geneva and Zurich.
- Ensuring that your ongoing tax compliance is timely and accurate.
- Preparing voluntary disclosures to correct historical tax errors.
- Preparation of data to demonstrate the value of your cryptoasset for tax purposes.
- Reviewing your overall crypto portfolio position to maximise tax efficiency.
- Keeping you up-to-date with legislative changes in the treatment of cryptoassets.
Our services include but are not limited to:
- Dealing with HM Revenue & Customs’ reporting requirements
- Tax efficient planning, including income and capital taxes
- Preparing a Family Wealth Review to collate all your financial information in one place and to identify areas which need further attention
Please see our page about the taxation of cryptoassets for more information.
Recordings of our recent webinars are detailed below:
Cryptoassets Webinar | Accountancy and corporate tax issues
We examine the accountancy and corporate tax issues surrounding the use of Cryptoassets as an investment choice.
Cryptoassets Webinar | HMRC manuals, tax enquiries, capital gains pooling and general market update
Our expert panel explore the issues surrounding cryptoassets as an investment, as well as a general tax and market update.
Cryptoassets Webinar | Situs and the interaction with offshore fiduciaries
We discuss the importance of situs and the interaction with offshore fiduciaries when using crypto assets as an investment choice.
Please contact your usual Saffery Champness partner or contact Robert Mace to discuss a specific issue or to find out more about the services we offer to clients with cryptoassets.