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Situs of cryptoassets

31 October 2022 / Andy Wood
Issue: 4863 / Categories: Comment & Analysis
Where’s Wallet?

Key points

  • Cryptoassets are a form of intangible property and constitute assets for CGT can fall within an estate for IHT and can be the subject of a trust.
  • The CGT code has detailed rules to determine the situs of assets (TCGA 1992) and it is only exceptionally necessary to turn to common law.
  • To determine situs for IHT we tend to rely on the common law on a more regular basis. Case law and professional bodies’ views on situs diverge from those of HMRC.
  • It is worth considering how residence would be determined for the situs of cryptoassets.

This article has shamelessly stolen its title from the Where’s Wally? (Where’s Waldo? if you’re from across the pond) books by English illustrator Martin Handford. As you may know the reader simply had to find the eponymous miniature character amongst a sea of similarly minute characters in various scenes. Spotting...

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