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As right-wing parties announced plans to allow cryptocurrency to be used as a form of tax payment, reformed Britain began accepting donations in cryptocurrency.
“We’ll get HM revenue and customs over the next few decades so that people can pay taxes with code,” party chair Zia Yusuf said Friday.
Speaking at breakfast hosted in Shardville in central London, he vowed that the future reform government is aiming to establish a sovereign wealth fund consisting of crypto assets.
Yusuf said the party’s plan to normalize the use of Bitcoin is part of a broader strategy to attract younger voters. “We don’t see anything in the eyes of the younger generations, especially in the eyes of the younger generations,” he said.
Nigel Farage, who attended the cryptocurrency conference in Las Vegas on Thursday, said his party would cut the capital gains tax rate on crypto assets from 24% today to 10%, establishing a National Bitcoin Reserve at the Bank of England to stockpile crypto assets.
Farage’s highly publicized support for cryptocurrency is widely seen as an effort to style himself in the image of President Donald Trump in a field that has few well-known figures in the UK.
Prior to the US election in November, Trump had committed to keeping US Treasury crypto sanctuaries, protecting digital currency and exchange companies from unfair penalties and establishing themselves as industry champions.
“Whatever your view on President Trump, he is the world’s most powerful economic president, and others generally go where the US is going,” Yusuf said.
He argued that the parties’ plans to cut capital gains by more than half taxes on crypto assets would increase Treasury tax revenue by almost 400% from around £220 million today to up to £1 billion.
This was achieved by encouraging incentives to bring more assets to the UK, and increased tax compliance, he noted.
Yusuf added that the reform government “want to cut corporate taxes” but this will be done “in the right order.” He said the party would eliminate foreign aid budget “still sitting at £15 billion.”
“I think the state should aim for foreign aid, but it is impossible to justify sending money to India.
He also defended the speech Farage gave on Tuesday. It outlined policies to save money for massive tax cuts, which critics said were exaggerated.
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One of Farage’s most contested claims was to cut roughly £45 billion with net zero spending to fund its pledge to raise the income tax credit from £12,570 to £20,000 at costs ranging from £500 billion to £80 billion.
Yusuf said of the reduction in zero spending: “We can discuss the numbers. It’s 15, 30, 45, but it saves billions of pounds and reduces energy prices.”
Labour Prime Minister Kiel has already pledged to cut around £6 billion from the aid budget from 2027 and cut it to £9 billion, with no evidence suggesting that the UK government is spending £45 billion on net zero.
Yusuf said the proposed spending reduction package for reforms would reach £78 billion and include the elimination of the UK’s foreign aid budget.
