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Reminder : UK Crypto-Asset Reporting Requirements

HM Revenue and Customs, the UK tax agency, has emphasized the obligation for individuals holding cryptocurrency assets to submit a self-assessment tax return before the impending deadline of January 31.


Taxpayers possessing cryptoassets are required to disclose any income or gains exceeding the tax-free allowance on their tax return if they:


1. Acquire cryptoassets through employment, as part of a trade, or engage in income-generating crypto-related activities.


2. Engage in transactions involving cryptoassets, such as selling them for money, exchanging one type of cryptoasset for another, making purchases with cryptoassets, gifting cryptoassets to others, or donating them to charity.


Contacts


If you require assistance in relation to the above and/or would like to discuss anything further, please do not hesitate to contact info@act.london or your usual A.C.T. contact.

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