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
262
1 min
0
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.
Useful material?
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024