The UK government on November 29th urged crypto users to voluntarily declare their unpaid capital gains and income taxes to avoid penalties, and published guidance on how to pay them.
Tax returns must reflect capital gains and income from exchange tokens such as Bitcoin (BTC), non-fungible tokens (NFTs), and utility tokens.
Users who have already filed a crypto-related tax return with the UK Treasury must make all required payments within 30 days of the filing date. If the deadline is missed, the Treasury Department may take action to seize the product and users may be subject to penalties, officials said.
The UK Treasury, which aims to become a crypto asset hub, has made its stance on crypto asset taxes clear. In 2021, the Treasury released a manual to help UK crypto holders pay their taxes, and in March 2023 announced that crypto assets would need to be declared separately on tax forms.
｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Original text: UK to Hit Crypto Users With Penalties for Unpaid Taxes