Crypto Assets Will Become a Separate Category in British Tax Forms

The UK Treasury has announced that crypto assets will be included in tax return forms starting in 2024–25.

The move was welcomed by the Chartered Institute of Taxation, however, they highlighted the need for additional measures to counter the “widespread ignorance of tax payment and reporting requirements for crypto.”

Currently, the Treasury does not provide any specific numbers of anticipated budget revenues from this tax category.

The Financial Conduct Authority (FCA) is currently mid-way through an ambitious reset as the Financial Services and Markets bill passes through Parliament, which would give the FCA new regulatory powers over the cryptocurrency industry.