U.K. to officially add a crypto tax reporting section to its 2024-25 tax forms UnitedKingdom UK crypto
- While governments around the world have had no issue with attacking the cryptocurrency market, calling it the realm of thieves and criminals, and doing all they can to cut it off from the banking system, they have also shown no qualms about taxing crypto profits as well, leading some to question what all the protesting is really about.
The report includes a table that outlines the anticipated expenses and revenues of the national budget, and the crypto asset line shows expected revenues in 2025-26. This indicates that British citizens will be required to declare all crypto asset gains or losses from the previous tax year, which is 2024-25.
Unlike the U.S., the majority of British taxpayers don’t file tax returns as the government removes all taxes owed directly from their pay. The main groups that are affected by this change are higher earners, the self-employed, individuals who need to declare investment income and those with complex tax situations.
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