.png)
.png)
Come clean on crypto
Key points
- Disclosures of additional income tax or capital gains tax arising from cryptoasset transactions can now be made via a dedicated online service.
- HMRC prefers taxpayers to voluntarily disclose mistakes but will use additional data from cryptoasset platforms once the cryptoasset reporting framework (CARF) is implemented in 2027 to open compliance checks.
- Acting quickly to make disclosures before HMRC prompts taxpayers to comply should result in reduced (unprompted) penalties and mitigate late payment interest charges.
- Taxation of cryptoasset transactions is complex. Taxpayers are therefore likely to need advice and support to make disclosures.
- Disclosures should resolve all mistakes not just cryptoassets errors so other disclosure facilities may be more appropriate.
On 29 November 2023 HMRC launched a specific disclosure process (tinyurl.com/hmrccryptodiscfac) for UK taxpayers to proactively report unpaid tax on income or gains from cryptoassets including exchange tokens non-fungible tokens...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
