UK Crypto Tax: Make sure you disclose your gains, or you could face big penalties
If you own cryptocurrency in the UK, you need to know how much tax you have to pay. HMRC views Bitcoin and other cryptocurrencies as taxable assets and has a data sharing program with UK exchanges.Because HMRC sees crypto as a capital asset, when you dispose of a capital asset – you’ll pay Capital Gains Tax.eg selling crypto for a fiat currency, or another crypto currency, or spending it or gifting it.
Also the government recently announced a cut to the Capital Gains Tax allowance from £12,300 to £6,000 from April 2023.
Don’t get caught out, find out how much tax you have to pay on your crypto in the UK now.
Did you know about this? What do you think about it, and do you have any questions? Please comment.