His Majesty’s Treasury recently announced a significant development in the United Kingdom’s comprehensive crypto framework by introducing a separate category for crypto assets in tax return forms. The amendment of the self-assessment forms for crypto assets will appear in tax forms in 2024-25.
This announcement was made in the national budget report for Spring 2023 published on March 15. The Chartered Institute of Taxation (CIOT) welcomed the changes, highlighting the need for additional measures to counter widespread ignorance of tax payment and reporting requirements for crypto.
The UK Financial Conduct Authority (FCA) has also reported to the Treasury, stating that it is midway through a significant reset that would provide new regulatory powers over the cryptocurrency industry.