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HMRC launches voluntary disclosure process for cryptoassets

11 December 2023 / Helen Adams , Christopher Mann
Issue: 4917 / Categories: Comment & Analysis , cryptoassets , Admin , Investments
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 ( for UK taxpayers to proactively report unpaid tax on income or gains from cryptoassets including exchange tokens non-fungible tokens...

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