fnew on Nostr: Why can't you easily lend your Bitcoin in the UK without incurring a tax charge? ...
Why can't you easily lend your Bitcoin in the UK without incurring a tax charge?
Largely because the current tax treatment of lending Bitcoin sees the transfer as a taxable event.
By contrast with stocks, shares and other securities, Bitcoin falls outside the scope of repurchase or “repo” legislation that enables the lending of securities to be tax neutral. This has to change.
There's a huge economic opportunity here, and the UK’s financial services sector needs to seize it; to capitalise on this £1 trillion-plus market, particularly by providing collateralised loans and other financial services that facilitate asset management.
Yesterday, bitcoinpolicyuk (nprofile…6m0z) were proud to collaborate in drafting and adding our name to a letter sent to Rachel Reeves, Emma Reynolds and James Murray, urging them to prioritise legislation to treat the lending of Bitcoin as a "no gain, no loss" transaction. This change would simply reflect economic reality and ensure that Bitcoin is treated in just the same way as securities currently are.
We're pleased to sign this letter alongside Coinbase, Greengage, Kraken Digital Asset Exchange, Recap and many others.
We keep hearing that 'growth' is a priority for this Government. Let's now see those words turned into actions.
Largely because the current tax treatment of lending Bitcoin sees the transfer as a taxable event.
By contrast with stocks, shares and other securities, Bitcoin falls outside the scope of repurchase or “repo” legislation that enables the lending of securities to be tax neutral. This has to change.
There's a huge economic opportunity here, and the UK’s financial services sector needs to seize it; to capitalise on this £1 trillion-plus market, particularly by providing collateralised loans and other financial services that facilitate asset management.
Yesterday, bitcoinpolicyuk (nprofile…6m0z) were proud to collaborate in drafting and adding our name to a letter sent to Rachel Reeves, Emma Reynolds and James Murray, urging them to prioritise legislation to treat the lending of Bitcoin as a "no gain, no loss" transaction. This change would simply reflect economic reality and ensure that Bitcoin is treated in just the same way as securities currently are.
We're pleased to sign this letter alongside Coinbase, Greengage, Kraken Digital Asset Exchange, Recap and many others.
We keep hearing that 'growth' is a priority for this Government. Let's now see those words turned into actions.