As Great Britain is gradually moving to its own comprehensive crypto framework, the Treasury introduces a separate category for crypto assets into the tax return forms.
The particular line should appear in the tax forms in 2024-25. On March 15, His Majesty’s Treasury of the United Kingdom published a report paper on the national budget for Spring 2023.
The document announces the amendment of the self-assessment forms for crypto assets. In the table of anticipated expenses and revenues of the national budget the crypto assets, the numbers against the crypto assets line appear only starting from the year 2025-26.
That means British citizens would have to declare them for the first time in the previous tax year, 2024-25. At the moment, Treasury doesn’t provide any specific numbers of anticipated budget revenues from this tax category — the numbers in the table stand at the nominal mark of 10 million British pounds ($12 million). Related: UK banks HSBC, Nationwide to ban crypto purchases with credit cards The changes were welcomed by The Chartered Institute of Taxation (CIOT), the leading professional body that analyzes national tax policies.Read more on cointelegraph.com