- HMRC’s view on situs of cryptoassets and implications for private clients
- Situs of exchange tokens
- HMRC’s approach
- Time to review
Private Client analysis: James Brockhurst, senior associate at Forsters LLP, discusses HMRC’s recently updated guidance on cryptoassets, which now states that the situs of exchange tokens is in the UK while the beneficial owner is resident in the UK. This is a significant departure by HMRC from established principles on situs and prevents non-domiciled persons from using the remittance basis in respect of cryptoassets.
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