In advance of the UK Autumn Statement's release on November 22, Transactional Tax Planning partner Charlotte Sallabank spoke with Accountancy Daily to offer her thoughts on potential tax implications. Charlotte noted, "While the Chancellor has stated that he is not in favor of a high tax burden, given the current geopolitical and economic issues across the world, it may be hard to justify a reduction in tax. He is more likely to save any tax cuts for his pre-election spring Budget."
Charlotte offered that cryptoassets is an area where the current tax regime could move with the times. She stated, "While HMRC (HM Revenue & Customs) has published detailed guidance about how to treat cryptoassets for tax purposes, there is currently only one piece of cryptoasset-specific tax legislation; current tax legislation is geared towards traditional assets which have different characteristics to cryptoassets."
"What accountants want to see in Autumn Statement," Accountancy Daily, November 17, 2023