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UK to Hit Crypto Users With Penalties for Unpaid Taxes
The Treasury encouraged users to voluntarily disclose unpaid income or capital gains tax from crypto, NFT and utility token holdings.
The U.K. government on Wednesday called on crypto users to voluntarily disclose any unpaid capital gains or income taxes to avoid penalties, and published guidance on how to pay them.
The tax disclosures should reflect capital gains or income from exchange tokens like bitcoin [BTC], non-fungible tokens (NFTs), and utility tokens.
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Users who have already made crypto tax disclosures to the U.K. Treasury have 30 days from the disclosure date to make all necessary payments. If the deadline is not met, the Treasury will take steps to recover the money, and users may face penalties, the post said.
The aspiring crypto hub has been clarifying its stance on crypto tax. In 2021, the Treasury published a manual to help U.K. crypto holders pay taxes, and the country announced in March this year that people would have to declare their crypto separately in tax forms.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
