Spring Budget 2024 – changes for the taxation of crypto assets

A consultation was announced in the Budget today proposing the introduction of a new crypto asset Reporting framework (“CARF”). The new standard addresses tax non-compliance through the use of crypto assets and is being legislated alongside an update to the... Read more

A consultation was announced in the Budget today proposing the introduction of a new crypto asset Reporting framework (“CARF”).

The new standard addresses tax non-compliance through the use of crypto assets and is being legislated alongside an update to the Common Reporting Standard (“CRS2”) which updates the framework on offshore accounts.

The rules for these new frameworks have been agreed as announced at the time of the Autumn Statement in an International Joint Statement but the consultation invites views on the practical implementation and the proposal thereof.

The consultation runs until 29 May 2024.

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