The UK Treasury has announced that from next year taxpayers will have to record their crypto earnings separately.
As the adoption of cryptocurrencies increased, the practices of countries in these areas began to increase. At the beginning of these are regulations and taxation.
Crypto Taxation On The Agenda In The UK
The expansion of the crypto money industry day by day has brought up the idea of taxing countries from crypto earnings. In this context, he explained that in the UK taxation policy, taxpayers must record their crypto earnings separately from next year.
UK taxpayers will have to declare their crypto assets separately on their tax forms, in a move that is expected to raise an additional £10m per year for the public wallet by approximately US$12m.
The move was announced by Finance Minister Jeremy Hunt in Wednesday’s annual budget.
A document released Wednesday by the UK Treasury said:
“The government is introducing changes to Personal Assessment tax return forms that will require separate identification of amounts related to cryptoassets, which will be implemented in the tax year ending April 2025.”
With this change, the UK government became one of the countries that took serious steps for crypto taxation.
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