The Chamber’s Token Alliance Adds United Kingdom Tax Legal Landscape to its “Understanding Digital Tokens” Series
December 11, 2019
The Chamber of Digital Commerce today introduced an updated “Legal Landscapes Governing Digital Tokens in the United Kingdom” as the next installment in its “Understanding Digital Tokens” series of reports.
The United Kingdom established itself early as a forward-thinking leader in the blockchain and virtual currency space through the establishment of its regulatory sandbox, leadership in the creation of the Global Financial Innovation Network, and U.K. Cryptoassets Task Force. This next report is a follow-on to the initial report on the U.K. legal landscape that focused on identifying how digital tokens are treated under the ambit of U.K. financial laws by H.M. Revenue and Customs.
This new section of the report explains the tax considerations related to digital tokens within the larger body of laws and regulations that affect the token ecosystem.
The report reflects the tax developments in the United Kingdom as they apply to digital tokens and their evolving uses. Specifically, it examines the U.K.’s taxation of digital tokens within:
- Corporate Taxation;
- Value Added Taxes;
- Distribution to or Acquisition by Employees; and
- Stamp Duty/Stamp Duty Reserve Taxation.
Read the new U.K. report, along with the full “Understanding Digital Tokens” series including legal landscapes covering Canada, Gibraltar, Japan, the United States, here.