Regulation 5 Insertion of regulation 7A (reporting of gross proceeds: CRS)

After regulation 7 (electronic return system), insert—

“Reporting of gross proceeds: CRS

7A

(1)

Where a reporting financial institution elects to report the gross proceeds from the sale or redemption of a financial asset which are reported by the reporting financial institution under the OECD Crypto-Asset Reporting Framework in accordance with Section 1G of the CRS^f1, such election must be made by notice to HMRC.

(2)

Notice under paragraph (1) must be given on or before 31st May following the end of the calendar year to which it relates.

(3)

A notice given under paragraph (1) has effect for the calendar year to which it relates, and for all subsequent calendar years until it is withdrawn, including the calendar year in which it is withdrawn.

(4)

The form and manner in which a notice under paragraph (1) is to be given and withdrawn is specified in specific or general directions given by the Commissioners for HMRC under this regulation.”.