Posted 11/29/2023, 10:46:00 AM
UK Urges Crypto Users to Pay Taxes or Face Penalties
- UK government calls on crypto users to voluntarily disclose unpaid taxes to avoid penalties
- Published guidance on how to pay capital gains/income taxes from cryptocurrencies like Bitcoin, NFTs, and utility tokens
- Users who already disclosed crypto taxes have 30 days to make necessary payments
- If payment deadline not met, Treasury will take steps to recover money and users may face penalties
- UK clarifying crypto tax stance; last year published manual to help holders pay taxes and announced crypto must be declared separately