{"id":18760,"date":"2023-03-15T22:20:23","date_gmt":"2023-03-15T22:20:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/uk-treasury-budget-discusses-separate-reporting-of-crypto-assets-in-tax-documents-taxes-bitcoin-news\/"},"modified":"2023-03-15T22:20:23","modified_gmt":"2023-03-15T22:20:23","slug":"uk-treasury-budget-discusses-separate-reporting-of-crypto-assets-in-tax-documents-taxes-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/uk-treasury-budget-discusses-separate-reporting-of-crypto-assets-in-tax-documents-taxes-bitcoin-news\/","title":{"rendered":"UK Treasury Budget Discusses Separate Reporting of Crypto Assets in Tax Documents \u2013 Taxes Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Taxpayers in the United Kingdom will have to report cryptocurrency assets separately in their tax documents for the tax year 2024-25, according to the Exchequer\u2019s recently published spring 2023 budget.<\/strong><\/p>\n

New Criminal Offenses Planned by U.K. Government to Combat Tax Avoidance<\/h2>\n

Amid the chaos in the banking sector following the collapse<\/a> of Silicon Valley Bank\u2019s U.K. subsidiary, finance minister Jeremy Hunt delivered the spring 2023 budget on Wednesday. Hunt, who was previously dealing with the bank\u2019s failure, told<\/a> BBC reporters that the shutdown of the U.K. financial institution posed no immediate danger to the British financial system. The budget<\/a>, published by the Treasury, discusses the decisions the U.K. government has made to \u201crestore economic stability, support public services, and lay the foundation for long-term growth.\u201d<\/p>\n

The budget also discusses tax and spending and specifically addresses \u201ctackling promoters of tax avoidance.\u201d The U.K. government is planning to introduce new criminal offenses for those who evade taxes and will consult on the issue soon. \u201cThe government will also consult on expediting the disqualification of directors of companies involved in promoting tax avoidance, including those who exercise control or influence over a company,\u201d according to the Treasury budget.<\/p>\n

Additionally, the Treasury\u2019s document mentions amending the U.K.\u2019s self-assessment tax forms to account for cryptocurrency assets. \u201cThe government is introducing changes to the self-assessment tax return forms that require amounts related to cryptocurrency assets to be identified separately,\u201d explains the Treasury notice. \u201cThe changes will be implemented on the tax forms for the 2024-25 tax year.\u201d In the U.K., self-assessment tax returns are due on Jan. 31 each year. U.K. taxpayers use the Government Gateway Service to file their tax records, and cryptocurrency assets must be listed separately under the new rule.<\/p>\n

The budget from the U.K. finance minister and Treasury follows U.S. president Joe Biden\u2019s recently submitted annual budget<\/a> for 2024, which also includes proposed tax policies targeting cryptocurrency investors. Biden\u2019s budget aims to eliminate the like-kind exchange provision, also known as Section 1031, from the Internal Revenue Code. The president\u2019s administration believes that closing the so-called loophole will prevent the \u201cultra-wealthy\u201d from exploiting the like-kind exchange provision.<\/p>\n

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What do you think about the U.K. and U.S. governments\u2019 proposed changes to tax policies regarding cryptocurrency assets? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, William Barton \/ Shutterstock.com<\/em><\/p>\n

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