Cryptocurrencies will become a separate category on UK tax forms
As the United Kingdom gradually develops a comprehensive regulatory framework dedicated to cryptocurrencies, HM Treasury offers a separate category for crypto assets on its tax return formsIt will appear on your 2024-25 tax forms.
On March 15, the British Treasury Publish a report Regarding the Spring 2023 National Budget: The document announces the amendment of the Cryptocurrency Self-Evaluation Forms. In any case, The Treasury did not provide specific figures regarding expected revenue from this new tax bracket. There is only a face value of £10 million in the document.
The changes were welcomed by the Chartered Institute of Taxation (CIOT), the professional body that analyzes national tax policies. Gary Ashford, Vice President, CIOT, I have declared:
“Highlighting the need for disclosure of crypto transactions will help raise people’s awareness of their obligations in this area.”
However, Ashford also stressed the need for more measures to counter “Pervasive ignorance of tax payment and reporting requirements for cryptocurrency.Indeed, in his opinion Crypto investors still do not fully understand how to report ownership of these assets.
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