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Cryptoassets held by individuals: Inheritance tax and pensions tax relief

03/08/2022

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Related topics: Banking and financeFinTechPensions

Tax Relief on Making Pension Contributions

Subject to certain limits, income tax relief is available to members in respect of member contributions paid to registered pension schemes.

On the basis that HMRC does not consider cryptoassets to be currency or money, should cryptoassets be paid into a registered pension scheme, such contributions would not attract any income tax relief.

If an individual nevertheless contributes cryptoassets into a registered pension scheme, albeit without any income tax advantages, such cryptoassets would become part of the scheme assets which are subject to the tax rules governing registered pension schemes.

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