Another Step Nearer For CARF In The UK

As announced in the United Kingdom's Spring Budget for 2024, delivered by the Chancellor of the Exchequer on 6^th March, the UK government has published a consultation to seek views on the implementation of the OECD's flagship transparency standard to help combat criminal activity using crypto-assets to evade taxation - the Crypto-Asset Reporting Framework (the "CARF"). The CARF was previously covered in the article "Update: OECD Crypto-Asset Reporting Framework" published in BrassTax on November 29, 2022 and in the article "UK Spearheads Global Commitment to the Crypto-Asset Reporting Framework" published in BrassTax on December 20, 2023.

The CARF developed from a proposed package of rules put forward by the OECD during 2022 which has since been adopted by the OECD and which 48 countries (including the UK and the United States) have committed to implement into domestic law by 2027. The UK tax authorities have since launched an online voluntary disclosure facility