The UK will introduce fines for cryptocurrency users who do not pay taxes

The UK government has called on cryptocurrency users to independently disclose information about unpaid taxes. Tax returns require the disclosure of income or capital gains from assets such as Bitcoin, NFTs, utility tokens, etc. Users are given 30 days from the date of disclosure to pay taxes or face a tax penalty.

The UK government has called on cryptocurrency users to voluntarily disclose any unpaid taxes relating to income or capital gains on digital assets.

Two documents have been published on the website of His Majesty's Treasury that address this topic. In one of them, the agency encourages users to submit information about unpaid fees, and also indicates which cryptocurrencies are subject to this requirement.

The list of taxable assets includes Bitcoin, Ethereum, USDT, various utility tokens, etc. In addition, NFTs were included in the list.

The second document states that the user has 30 days to repay all payments. Otherwise, the government will take steps to force the return of funds and impose a fine.

This document also provides guidance on paying crypto asset tax. In particular, the user is offered to pay the fee using online payment or bank transfer.

On June 29, 2023, the UK approved legislation on cryptocurrencies and stablecoins. After this, digital assets began to be classified as a regulated financial activity in the country.

Let us remind you that the Ukrainian government is also working on adopting laws in this direction. On November 7, 2023, was introduced , which provides for certain amendments to the Tax Code and the Bill “On Virtual Assets” of 2022.