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May 5th 2021

Cryptoassets: inheritance tax

Cryptoassets are property for the purposes of inheritance tax.

This means that a transfer of cryptoassets during an individual's lifetime can be a potentially exempt transfer or chargeable lifetime transfer; and on death cryptoassets can be included in the death estate.

HMRC's manual points out that the location of cryptoassets may need to be determined for non-UK domiciled taxpayers, this is because a non-domiciled individual is generally only subject to inheritance tax on their UK assets.

Contact Scholes CA today for assistance with your UK crypto tax affairs.

Click through to read all our other blogs on crypto taxation in the UK. Or give us a phone on 01856 872983.


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