CandleFocus UK Crypto Community at Risk as Potential Capital Gains Tax Hike Looms
2024-10-30
Author: Content Editor
The potential increase in the UK's capital gains tax rate could have a negative impact on the country's crypto community, according to policy advisor Suzanne Morsfield from CryptoUK. Currently, crypto holders are taxed similarly to stock holders, but they are unable to utilize Individual Savings Accounts (ISAs) for tax protection on their digital assets. Morsfield warns that raising the capital gains tax above the current 28% could have severe consequences for crypto investors, potentially discouraging new investors and stifling innovation in the UK's digital asset market. The UK's lagging crypto regulation compared to the EU adds to the concerns expressed by Morsfield.
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