Responding to HMRC’s consultation, Cryptoasset Reporting Framework and Common Reporting Standard, on the UK’s implementation of the OECD Cryptoasset Reporting Framework and amended Common Reporting Standard (to include the exchange of information on cryptoasset transactions), the CIOT suggests that the proposals should help improve compliance.
Greater compliance will, however, only come with greater public awareness. One key concern remains around public understanding of the tax compliance obligations relating to cryptoassets: ‘There is no tailored legislation and only (sometimes scant) guidance available for agents (especially on VAT matters), but for lay taxpayers there would appear to be very little understanding that cryptoassets are even taxable’.
Responding to HMRC’s consultation, Cryptoasset Reporting Framework and Common Reporting Standard, on the UK’s implementation of the OECD Cryptoasset Reporting Framework and amended Common Reporting Standard (to include the exchange of information on cryptoasset transactions), the CIOT suggests that the proposals should help improve compliance.
Greater compliance will, however, only come with greater public awareness. One key concern remains around public understanding of the tax compliance obligations relating to cryptoassets: ‘There is no tailored legislation and only (sometimes scant) guidance available for agents (especially on VAT matters), but for lay taxpayers there would appear to be very little understanding that cryptoassets are even taxable’.