UK Will Punish Cryptocurrency Users With Penalties Over Unpaid Taxes
On Wednesday, the British government asked cryptocurrency users to voluntarily disclose unpaid capital gains or income taxes to avoid fines and published guidelines on how to pay them.
Tax returns must reflect capital gains or income from exchange tokens such as Bitcoin [BTC], non-fungible (NFTs), and utility tokens.
Users who have made a crypto tax disclosure to the UK Treasury have 30 days from the date of disclosure to make all required payments. If the deadline is not met, the Treasury will take action to recover the money and users could face sanctions, according to the publication.
The aspiring crypto hub has clarified its stance regarding crypto taxes. In 2021, the Treasury published a manual to help UK cryptocurrency holders pay taxes, and the country announced in March this year that people would have to declare their cryptocurrencies separately on tax forms.
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