Weekly tax brief | 21 June 2022

How to claim tax relief on crypto losses
Chris Etherington 
With cryptocurrencies having lost over $2tr in market capital from its peak in 2021, there are huge numbers of investors nursing losses. What can they do to crystallise that loss and benefit from tax relief?

HMRC’s poor performance – questions need to be answered
Sarah Saunders
In a virtually unprecedented action, the leading institutes representing professionals who deal with HMRC have come together to issue an open letter to HMRC raising their long-standing concerns about the deteriorating levels of HMRC customer service, and the problems this is causing tax professionals and the public. In addition, they query why HMRC’s monthly performance statistics for March and April 2022, which would normally have been issued by now, have not been released.

Renting out your home this summer? Don’t forget the taxman!
Rachel de Souza
With Wimbledon and summer holidays rapidly approaching, those tempted by the opportunity to raise some cash by renting out their home on a short-term basis need to remember that tax will be due on the rental income received.

Be careful not to overlook the long-term implications of moving overseas
Adela Cebotari
When planning to relocate, individuals are often concerned about the ‘tax heaven’ status that their new ‘home country’ offers, but what else should individuals consider when choosing their new destination?

When things don’t matter equally, what is the one thing Rishi Sunak can do to revive the stalling UK economy?
Peter Graham
Is the Chancellor’s strategy of invest more, train more and innovate more the right one to help create a ‘high-wage, high-skill, high productivity’ economy or does there need to be even more focus?

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