HMRC Is Cracking Down On Crypto In 2023 - Redbox Financial

HMRC Is Cracking Down On Crypto In 2023

So UK crypto tax update for 2023. So make sure we disclose your gains, or you could face big penalties. If you’re in any type of cryptocurrency and you’re resting 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 the data sharing program with UK exchanges.

So because HMRC sees crypto as a couple asset, that means that when you dispose of. You will need to pay capital gains tax and disposals include things like selling crypto for a fiat currency or another cryptocurrency, or spending it on Goodson services or gifting it. Also, the government recently announced a cut to the capital gains tax allowance from 12,300 to 6,000 pounds from April, 2023.

So don’t get caught out. Find out how much tax you have to pay on your crypto disposals in the UK now, and. Did you know about this? What do you think about it? And do you have any questions? And you might like to consider if you’ve got any disposals, the timing of it, maybe it’s better to dispose of it before April or after April, depending on your own personal situation and what allowances you are using for other things.