The tax arm of the UK Treasury is looking for feedback on proposed changes that aim to prevent triggering taxable events when crypto is used in most DeFi transactions.
The tax treatment of lending and borrowing on decentralized finance protocols could soon be changed in the United Kingdom as the taxation arm of the Treasury is seeking input on a possible new regime.by HM Revenue and Customs will run until June 22 and asks for “investors, professionals and firms engaged in DeFi activities” along with representative bodies and think tanks to submit their views on the government's proposed DeFi tax treatment.
Under the proposed legislative changes, crypto used in DeFi transactions wouldn’t be treated as a disposal for theInstead, CGT would apply — and a taxable event would occur — when cryptocurrencies are disposed of in a non-DeFi transaction.According to the consultation, a transaction must meet certain criteria to be considered a DeFi transaction.
Specifically, it should involve the initial transfer of crypto assets from a lender to a borrower, or through a smart contract, with the borrower being obligated to return the tokens.1. Clear preference to options
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