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With estimations of more than two million holders of cryptoassets in the UK, many of these people might wrongly believe that their crypto transactions are tax-free. Unfortunately, this isn’t the case, as most crypto sales and exchanges are actually eligible for some level of Capital Gains Tax (CGT).
For this reason, HMRC has been sending out advisory letters to taxpayers who they believe hold cryptoassets. If you own any type of crypto token, or are interested in holding them in the future, then read on to learn more about the tax implications of buying and selling cryptoassets in the UK.

After proposed changes to Universal Credit (UC) in the Autumn Budget 2021, the improvements came into effect last month. From December 2021, workers claiming UC will be able to keep more of their earnings, and some higher rate taxpayers could be eligible for the benefit for the first time.

As part of the UK government’s agenda to increase investments in deprived communities, the first 11 designated tax sites from a list of eight planned freeports are up and running. This includes sites alongside the Thames, Tees, and Humber rivers and estuaries, plus several in East Suffolk.

Like enterprise zones, the purpose of freeports is to increase opportunities for employment and economic development in previously underdeveloped areas, which will also boost the overall UK economy. Let’s take a look at the advantages of freeport designated tax sites and where they’ll be.

Back in September 2021, the UK government’s first Autumn Budget in three years suggested that there would be no new Inheritance Tax (IHT) reforms and minimal Capital Gains Tax (CGT) reforms.

Following the second Tax and Administration Maintenance Day of 2021, on 30th November, the government responded to reviews of the tax system by the Office of Tax Simplification (OTS).

In a letter addressing the recommendations for updating Capital Gains Tax (CGT) and Inheritance Tax (IHT), the UK government accepted several CGT changes, and upheld an earlier objective to amend the Excepted Estates regulations for estates that are exempt from IHT from January 2022.

Read on to learn more about the new rules for CGT and IHT, and when they come into effect.

While the newer system of postponed import VAT accounting has been in place since early 2021, it still isn’t without its problems. Unfortunately, import VAT confusion is ongoing, as many businesses continue to experience issues.

As recommended by the Low Pay Commission, the National Living Wage will increase to £9.50 an hour from next April. This applies to workers aged 23 or above, but the minimum wage rates for apprentices and workers between 16 and 22 years old is also increasing in 2022.
With these National Minimum Wage rises, the government should be back on track to achieve a minimum wage that’s level with two-thirds of the average earnings in the UK by 2024. These changes are intended to help the lowest-paid workers to recover from the pandemic.