Deep潮 TechFlow news flash: On July 14, the UK Her Majesty’s Revenue and Customs (HMRC) published a policy document proposing that, starting from April 6, 2027, a “no gain, no loss” treatment be applied to certain crypto-asset loans and liquidity pool arrangements involving individuals and trusts. This means that capital gains tax will be deferred until an economic disposal occurs.



The measure is intended to align tax treatment more closely with the economic substance of the relevant arrangements and reduce the administrative burden caused by current rules. The document also clarifies the tax treatment rules in three scenarios: a single crypto-asset lending arrangement, a single crypto-asset borrowing arrangement, and an automated market-making arrangement. It is expected that about 700k individuals will be affected.
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