UK taxpayers must for the first time split out profits from crypto when filing their tax returns, the government said today.
"The government is introducing changes to the Self Assessment tax return forms requiring amounts in respect of cryptoassets to be identified separately," according to a statement released to accompany the government's budget, released Wednesday.
The changes will be introduced from the 2024-25 tax year, which would affect returns filed from 2025.
The majority of British taxpayers don't file tax returns, with sums owed instead removed directly from their pay. Only higher earners, the self-employed, those with complex tax affairs or those who need to declare investment income tend to need to complete forms. UK tax authorities estimate that 12 million people were due to file this year.
Elsewhere in the announcement, the government estimated that the change will bring in £10 million ($12 million) a year from the 2025-26 fiscal year.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.