Cryptoassets get a mention on the tax return
HMRC wants to raise awareness of the fact that cryptoasset transactions can mean tax bills - and
there’s clearly some way to go.
In a recent survey, 41% of those who replied said they had no information about tax and their
cryptoassets. In the light of this, it’s perhaps no surprise that the Spring Budget saw an announcement
that the design of the self assessment tax return is going to change. From 2024/25, the capital gains
tax pages will specifically ask for information on income and gains from cryptoasset transactions. This
is meant to serve as a reminder that crypto transactions are within scope of the tax rules and should
form part of the yearly review of the tax position.
The buying and selling of cryptoassets is usually treated as a personal investment. This brings it
within the capital gains tax regime. However, with the capital gains tax annual exemption currently
falling, more people are likely to come within scope of the tax. The exemption is currently £6,000 and
by April 2024 – when the new look tax returns are issued - will be £3,000. If these changes are
relevant to you, do please get in touch for an in-depth discussion.
Got a question?
Why not fill out our quick contact form below and a member of the team will respond shortly.
Receive our FREE monthly eNEWS, keeping you up to date with the latest news.
Registration on our website is quick and simple. On registration you will benefit from:
- Our FREE monthly eNEWS email newsletter which will keep you up to date with the latest news (this service is optional)
- On registration we'll email FREE resources to you with our compliments.
You only have to register once. You will be given a username and password that you can use at any time to log back into our website.