UK will require citizens to declare income from cryptocurrencies

The move is expected to bring an additional $12 million to the state budget in 2025

15.03.2023 - 15:45

432

1 min

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 ($12 million) per year for the public purse.

The move was announced by finance minister 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 for the first time 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 that 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.

This material is taken from the website https://www.coindesk.com.

Author: