17.03.2023
UK introduces tax forms to strengthen control over the crypto sector
17.03.2023
Glory Faleke
Contributor

The United Kingdom is planning a tax reform to increase oversight of the cryptocurrency sector.

Individuals are already receiving new tax forms, forcing them to implement a separate reporting option for crypto assets. As stated on Cryptonews, the change will go into effect two years from the start of the 2025 tax year, and it will apply to capital gains tax forms.

When investors profitably sell their assets, including crypto assets, they must pay taxes.

"The government is introducing changes to the Self Assessment tax return forms requiring amounts in respect of cryptoassets to be identified separately," said the UK Treasury.

The announced reporting changes were presented by the British Chancellor of the Exchequer, Jeremy Huntom, as part of the annual budget report.