UK should lower crypto tax rate to encourage growth – MP Matt Hancock

UK should lower crypto tax rate to encourage growth – MP Matt Hancock

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UK should lower crypto tax rate to encourage growth – MP Matt Hancock

CryptoSlate3 days ago
UnitedUnited
Published on September 23, 2022 08:40 GMT+00:00edited on September 23, 2022 20:39 GMT+00:00

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Matt Hancock, former Secretary of State for Digital, culture, music, and sport, said the U.K. must take a long-term approach and lower crypto taxes to allow digital innovation to grow.

“HMRC has taken a revenue-maximizing approach…applying it in a sledgehammer way… what we need to do is take a growth-maximizing view where revenues in the future will be far greater.”

Hancock said during his keynote at Zebu Live in London on Sept. 22.

HMRC, the U.K. tax authority, was the subject of focus for Hancock during the Q&A section of his address. The U.K. tax laws treat crypto the same as other assets meaning that a 20% capital gain tax applies to all crypto trades.

Any time a digital asset is traded for another, it is a taxable event. Further, activities such as mining …