The CIOT has submitted two more representations to the Treasury ahead of the 22 November 2023 Autumn Statement:
Tax treatment of cryptoassets: the CIOT proposes that cryptoassets should be recognised and dealt with expressly in legislation across the main taxes. This would include setting out a unified definition of cryptoasset for tax and financial services purposes, to provide certainty and uniform treatment across UK law. The location of cryptoassets (to determine, for example, whether they are within the scope of UK tax) should also be set in legislation.
Stamp taxes on shares: the CIOT supports the plan to put the current 0% stamp taxes charge into UK legislation, to avoid defaulting to the 1.5% charge from 1 January 2024 as a result of the Retained EU Law (Revocation and Reform) Act 2023. The charge here is the stamp duty and stamp duty reserve tax charge on the issue of UK shares onto foreign markets and on certain related transfers of shares. One point to note is on timing: tax might have to be paid before a future Finance Bill gives effect to the change. The CIOT suggests that a Budget resolution, published at Autumn Statement 2023, and followed by inclusion in a Finance Bill, would allow the change to apply from 1 January without the need for retrospective effect (although it remains to be seen whether the UK government intends to bring forward a Finance Bill before March 2024).
The CIOT has submitted two more representations to the Treasury ahead of the 22 November 2023 Autumn Statement:
Tax treatment of cryptoassets: the CIOT proposes that cryptoassets should be recognised and dealt with expressly in legislation across the main taxes. This would include setting out a unified definition of cryptoasset for tax and financial services purposes, to provide certainty and uniform treatment across UK law. The location of cryptoassets (to determine, for example, whether they are within the scope of UK tax) should also be set in legislation.
Stamp taxes on shares: the CIOT supports the plan to put the current 0% stamp taxes charge into UK legislation, to avoid defaulting to the 1.5% charge from 1 January 2024 as a result of the Retained EU Law (Revocation and Reform) Act 2023. The charge here is the stamp duty and stamp duty reserve tax charge on the issue of UK shares onto foreign markets and on certain related transfers of shares. One point to note is on timing: tax might have to be paid before a future Finance Bill gives effect to the change. The CIOT suggests that a Budget resolution, published at Autumn Statement 2023, and followed by inclusion in a Finance Bill, would allow the change to apply from 1 January without the need for retrospective effect (although it remains to be seen whether the UK government intends to bring forward a Finance Bill before March 2024).
