Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Asset definition

What does Asset mean? In legal practice, an asset is any thing of economic value that a person or entity owns or controls and can realise, transfer, secure or enforce. The term is descriptive and used across contexts (company law, trusts, matrimonial finance, probate, enforcement and insolvency), with specific legislation or rules defining it for particular purposes (for example, insolvency, taxation and financial services). Assets include land and buildings, cash and bank balances, securities (shares, bonds and other fixed‑income instruments), receivables, contractual rights (choses in action), intellectual property, goodwill and, increasingly, cryptoassets. Assets may comprise legal or equitable interests and can be tangible or...

UK Cryptoassets Tax: Income Tax, CGT, Corporation Tax, VAT, Stamp Duties and Employment; Situs and NFTs; FA 2025 Residence-based IHT and DeFi Lending/Staking Proposals

Published by a LexisNexis Tax expert

Practice notes

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime

The Finance Act 2025 (FA 2025), granted Royal Assent on 20 March 2025, enacts the removal of the remittance basis and introduces a residence-based system from 6 April 2025. This shift takes effect from 6 April 2025, fully supplanting the prior remittance basis entirely. FA 2025 also substitutes domicile as the principal determinant of liability to inheritance tax. Additional reforms include revising the rules for excluded property status, ending the protected settlements status for offshore trusts, and updating overseas workday relief. For further information on these measures, see: Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26.

FORTHCOMING CHANGE :

On 27 April 2023, the former Conservative government launched a Consultation (closing 22 June 2023) on altering the tax treatment of decentralised finance (DeFi) cryptoasset Lending and staking transactions. The consultation sought views on implementing a proposal to disregard, for capital gains tax purposes, disposals of beneficial ownership arising in certain cryptoasset lending and staking transactions. Instead, a charge would crystallise when the cryptoassets are economically disposed of (eg on an outright sale). The intention of...

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Etienne Wong

Old Square Tax Chambers

Etienne qualified as a solicitor in 1990, and was a partner and head of the international VAT unit at Clifford Chance LLP from 1999 to 2014. He was called to the Bar in 2014. Etienne has been advising on all aspects of VAT since 1989, and appeared in Band 1 in Chambers Global as an "excellent choice for indirect tax matters". In particular, he advises on the VAT treatment of: - financing transactions (including structured finance, securitisations, asset finance, commodities transactions, factoring and Islamic financing) - real estate transactions - insurance transactions - corporate acquisitions and disposals - funds - private equity transactions - outsourcing transactions - transactions in the transport sector (including transactions in aircraft, vessels, trains and automobiles) - e-commerce and other new media transactions - transactions in the leisure sector - transactions in the power and energy sectors (including solar panel financing, transactions in carbon credits and renewable energy...

Ben Symons

Old Square Tax Chambers

Ben Symons is a London based tax barrister with The 36 Group. He has over 20 years of experience in taxation / international tax. He has a great passion for all things related to taxation and cryptocurrency. He has published a book through Bloomsbury Professional entitled Tax Insight: Cryptocurrency and Blockchain. It is the most authoritative work on the UK tax treatment of cryptocurrency. He is a frequent speaker at London City law firms and conferences on the taxation of cryptocurrency. Ben recently spoke at the International Fiscal Association 2023 USA Branch Annual Conference in Chicago on the taxation of cryptocurrency. Ben also has a keen interest in all things related to cryptocurrency but also taxation including tax treaties and transfer pricing. ...

Web page updated on 22/05/2026

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