The UK government has released an announcement asking for views on the taxation of crypto asset loans and ‘staking’ within the context of DeFi.
The announcement read, “The government is interested in ascertaining whether administrative burdens and costs could be reduced for taxpayers engaging in this activity, and whether the tax treatment can be better aligned with the underlying economics of the transactions involved.”
The government is seeking views from investors, professionals and companies and those who wish to submit evidence have until August 31 to do so.
The HM Revenue and Customs (HMRC) will hear these recommendations and hold meetings with parties interested to discuss matters related to mentioned topics.
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The announcement also clarifies that there will be no UK tax implications for individuals who are not UK resident but who transact with a UK-based platform.
