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Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

Rachel Reeves, UK Chancellor | Number 10 | Flickr

By Crypto Republique

Nov 20, 2024

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

The CGT increase comes amidst an awareness gap among crypto holders regarding tax obligations. A 2022 report from HM Revenue and Customs (HMRC) found that only 34% of cryptocurrency owners had a good understanding of CGT, leaving many uncertain or unaware of their responsibilities. Ahead of the January 31 self-assessment deadline, HMRC intends to boost outreach efforts to ensure compliance among crypto investors.

The tax hike has sparked anxiety among crypto advocates. “It will never go down. Once they raise it, and people don’t set the world on fire, calm settles, and people forget,” said Oculus, a UK-based crypto consultant on X. “After a while, that is just what CGT is in the UK. So it only stays or gets worse from here. ”

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He expressed concern that the increased rates could lead some investors to consider relocating, noting, “I think the cold reality is, people who have the means to get out of the UK will be making plans. It’s not like tax is high but it is an incredible, beautiful, and safe place to live.”

These concerns are compounded by ongoing regulatory scrutiny from the Financial Conduct Authority (FCA), which has faced criticism for lengthy approval processes for crypto firms. Industry stakeholders warn that this combination of tax increases and regulatory pressure could erode the UK's status as a leader in digital finance. In recent years, the FCA’s extensive regulatory process has led to prolonged delays for crypto firms seeking approval, further complicating the environment for growth.

In addition to the CGT hike, Chancellor Reeves introduced a £25 billion increase in employers' National Insurance contributions, raising rates to 15% on salaries over £5,000, according to a report from The Times.

The Financial Times also reported criticism of Reeves for changing the government's fiscal rules from public sector net debt (PSND) to public sector net financial liabilities (PSNFL), a shift that allows more borrowing without breaching fiscal limits. Some analysts have questioned whether this approach will result in meaningful economic benefits.

As tax deadlines approach and regulatory demands remain stringent, the long-term impact of these policy changes on the UK's digital asset sector is yet to be determined.

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