MFA Submits Letter to HMRC about Expanding the Investment Transactions List for the Investment Management Exemption

On November 24, 2022, MFA submitted a comment letter to His Majesty’s Revenue and Customs (HMRC) on the consultation regarding its intention to expand the Investment Transactions List (ITL) used for purposes of the Investment Management Exemption (IME) to include cryptoassets.

The letter notes support for the measure to expand the ITL to include certain types of cryptoassets for purposes of the IME. However, the letter urges to reconsider certain recommendations submitted by the investment management industry in response to the initial consultation which were not adopted in the draft Investment Manager (Investment Transactions) (Cryptoassets) Regulations 2022.