Changes Are Coming to the UK Tax Landscape – CARF, Stablecoins, and DeFi: Preparing for New HMRC Reporting
Numerous changes were coming to the UK tax landscape, all at once. The introduction in the UK of the new OECD Crypto-Asset Reporting Framework (CARF) requirements represented a significant change for the industry, with international tax jurisdictional reach. Specific to the UK, the taxation of stablecoins and DeFi was also changing, dramatically in some areas. For example, some stablecoins would no longer be treated as taxable property, signalling a sea change in policy while also allowing the UK to leapfrog other tax jurisdictions in this key area.
As HMRC prepared for increased transparency and information exchange around cryptoassets, firms needed to understand who fell within the scope of CARF, what data they would be expected to collect, and how they should begin preparing their systems, processes and customers. As UK individual and business taxpayers and their advisers prepared for new taxation rules within the UK, stakeholders also needed information on what records to keep, as well as which specific transactions and cryptoassets would be affected.
This webinar explored the practical implications of CARF and HMRC reporting, including the challenges around data collection, customer identification, record-keeping, reporting and implementation.
The discussion also considered how these requirements sat alongside the UK’s wider regulatory direction, including the forthcoming FCA cryptoasset regime, and what the combination of tax reporting and financial regulation could mean for firms operating in or entering the UK market.
Speakers:
• Uswa Arif — Legal Associate, Crypto Accountants
• Louise Lane — Tax Director & Head of Crypto at Wright Vigar
• Robin Thatcher — Managing Director at By The Book Accountancy
• Suzanne Morsfield — CFO at Lukka & Tax Working Group Co-Lead at CryptoUK
• Nick Brooks — Policy Director and Tax Working Group Co-Lead at CryptoUK (Moderator)
For any other questions about the webinar, CryptoUK’s work, or membership, please get in touch.
