The U.K. is enforcing a tax exemption for foreign investors purchasing crypto through local investment managers or brokers starting Sunday.
The tax break, announced in December, is a part of Prime Minister Rishi Sunak’s plans to turn the U.K. into a crypto hub.
“This exemption is an important factor in attracting global investors, meaning foreign investors won’t be brought into U.K. tax simply by appointing U.K.-based investment managers,” the government's tax arm, the HM Revenue and Customs, said in an email to CoinDesk. “To build upon the U.K.’s position as an investment management hub, this exemption has been extended to include crypto assets, so that funds which include them aren’t put off from appointing U.K. managers.”
The country already has a tax guide for resident crypto traders. In July, the HM Revenue and Customs published a consultation to gather views from investors and professionals on how it should tax decentralized finance (DeFi).
Parliament is debating the wide ranging Financial Services and Markets Bill that would give local financial regulators more powers over crypto if passed into law. The U.K. Treasury also plans to kick-start a consultation in the coming weeks on how the crypto sector can be regulated.
Read more: UK Crypto Tax Guide 2022
Here are some of the best crypto—and a few non-crypto—stories our reporters and editors read in 2022.
Hong Kong’s financial services providers, including local brokers and fund managers, are seeking advice to prepare for new licensing requirements which will allow them to provide services to retail traders, according to a media report.
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Crypto ended the year on an abysmal streak of bankruptcies and price declines. But 2022 still had some silver linings and reasons for bullishness.
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The decentralized exchange holds over $390 million in locked tokens as of Tuesday.
Chartwell Investment Partners, an affiliate of Carillon Tower Advisers, an investment management company, released its “Carillon Chartwell Small Cap Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. The fund outperformed in the quarter relative to its benchmark Russell 2000 Value Index. Among the sectors, Financial Services, Healthcare, and Energy […]
Tensions between crypto magnates Cameron Winklevoss and Barry Silbert erupted into an open dispute on Twitter at the start of the new year, with Mr. Winklevoss accusing Mr. Silbert of “bad faith stall tactics” that are hurting rank-and-file customers. The back-and-forth on Monday deals another blow to a sector struggling for credibility, especially since the collapse of FTX and its affiliated trading firm, Alameda Research.
Luke Dashjr said his PGP key was compromised, resulting in the theft of over 200 BTC—worth upwards of $3.6 million.
The Bitcoin mining difficulty level fell 3.59% on Tuesday morning in Asia, after some U.S. mining firms unplugged due to deadly winter storms over the holiday season on top of continued cash shortages mainly caused by low Bitcoin prices and high energy costs.
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The new CEO of Petrobras (PBR) stresses the need to invest in the energy transition.
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Yahoo Finance Live anchors discuss the rise in stock for Bed Bath & Beyond.
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The Oracle of Omaha won't even buy one share of a company if it doesn't meet this criterion.
Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett has a knack for outperforming Wall Street. This outperformance was on display, once again, during the 2022 bear market. Whereas the S&P 500 lost 19%, not including dividends paid, last year, Berkshire Hathaway's share price advanced 4%.
The 98-year-old investing legend has spoken.
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