UK to Add Crypto Declaration in Tax Forms
Taxpayers will have to record their crypto gains separately as of next year, the U.K. Treasury said.
Mar 15, 2023 at 2:07 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TFG3XSYWHZERHAVSLS5UBU2ABM.jpg)
Chancellor of the Exchequer Jeremy Hunt (Rob Pinney/Getty Images)
U.K. taxpayers will have to separately report crypto assets on their tax forms in a move that is expected to raise an extra 10 million British pounds (US$12 million) per year for the public purse.
The move was announced by Chancellor of the Exchequer Jeremy Hunt in the annual budget on Wednesday.
“The government is introducing changes to the Self Assessment tax return forms requiring amounts in respect of cryptoassets to be identified separately,” to be introduced in the tax year that ends in April 2025, the U.K. Treasury said in a document published Wednesday.
A document published by tax authority HM Revenue & Customs said the change would apply to forms for capital gains tax, payable when investments are sold at a profit.
The government also said it would work to “maximize the potential” of the metaverse, while managing downside risks to privacy, security and harms.
UPDATE (March 15, 14:58 UTC): Adds reference to HMRC document in penultimate paragraph.
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