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Tax changes in the UK target cryptocurrencies

The British Treasury has announced that taxpayers will have to declare their gains from cryptocurrencies separately from next year.

Taxpayers in the UK will have to report their encrypted digital assets separately on tax forms, with an expected additional collection of up to £10 million ($12 million) annually for the public treasury.

This was announced in last Wednesday’s annual budget by Chancellor of the Exchequer Rishi Sunak.

The British Treasury also stated in a document released on Wednesday that “the government is introducing changes to the self-assessment tax return forms, in which the amounts related to encrypted digital assets must be specified separately,” to be applied in the financial year ending in April 2025.

The British Tax and Customs Authority also stated that the change will include capital gains tax forms paid on investment profits.

The government also announced that it will work to “maximize the potential” of cryptocurrencies, while at the same time managing negative risks related to privacy, security, and harm.

SourceCoinDesk

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