UK Tax Plans Separate Category For Crypto Assets

As the United Kingdom gradually develops its own comprehensive crypto framework, His Majesty’s Treasury is introducing a separate category for crypto assets in tax return forms. The particular line should appear in tax forms in 2024–25.

On March 15, the U.K. Treasury published a report paper on the national budget for Spring 2023. The document announces the amendment of the self-assessment forms for crypto assets.

The crypto assets line appears in the national budget's table of anticipated expenses and revenues only from 2025 to 2026. This means that British citizens would have to declare them for the first time in the previous tax year — 2024-25 — in 2024-25. Currently, the Treasury does not provide specific numbers for anticipated budget revenues from this tax category — the figures in the table are nominal at $12 million.

The Chartered Institute of Taxation (CIOT), the leading professional body that analyses national tax policies, applauded the changes.

(With inputs from Shikha Singh)

3 days ago