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Crypto investors must keep accurate records

10 May 2024
Issue: 4936 / Categories: News

Cryptoasset investors must keep up-to-date records to ensure they pay the right amount of tax the Chartered Institute of Taxation (CIOT) and its Low Incomes Tax Reform Group (LITRG) have warned.

Cryptoassets such as bitcoin ripple and ethereum are an increasingly popular form of investment for many but concern remains over the level of public awareness on how and when tax on these investments should be paid.

For reporting 2024-25 onwards tax returns will contain a dedicated section to gains arising from cryptoasset disposals. But HMRC and the government need to ensure all those who invest are fully aware of the tax implications say the CIOT and LITRG. This is all the more important given the annual CGT exemption is now £3 000 – compared to £12 300 in 2022-23.

Gary Ashford president of the CIOT and chair of the CIOT’s cryptoassets working group ...

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