Cryptoassets and UK tax: situs for CGT and IHT under common law, contrasting HMRC guidance, key cases on residence, and tokenised asset considerations

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Practice notes

STOP PRESS: The Property (Digital Assets etc) Act 2025

received Royal Assent on 2 December 2025 and took effect that same day. Section 1 confirms that an item (including one that is digital or electronic in nature) is not disqualified from being the subject of personal property rights simply because it is neither a thing in possession nor a thing in action. This clarifies that digital holdings including cryptocurrency, non-fungible tokens and carbon credits can now be recognised as personal property. See LNB: 04/12/2025 2.

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

Finance Act 2025 (FA 2025), which obtained Royal Assent on 20 March 2025, enacts the abolition of the remittance basis of taxation and replaces it with a residence-based regime from 6 April 2025. FA 2025 also removes domicile as the primary determinant of liability to inheritance tax. Further measures include revising the rules for excluded property status, ending the protected settlements status of offshore trusts, and alterations to overseas workday relief. For details of these developments, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from as set out in those resources...

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Web page updated on 21/05/2026

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