In a measure that is anticipated to raise an additional 10 million British pounds (US$12 million) every year for the government coffers, U.K. taxpayers will be required to separately record crypto assets on their tax forms.
Jeremy Hunt, the Chancellor of the Exchequer, made the announcement in the annual budget on Wednesday.
According to a statement released by the U.K. Treasury on Wednesday, “the government is implementing amendments to the Self Assessment tax return forms requiring amounts in respect of cryptoassets to be listed separately.” These changes will take effect in the tax year that ends in April 2025.
The adjustment would be made on forms for capital gains tax, which is due when investments are sold for a profit, according to a statement made by the tax authorities HM Revenue & Customs.
Also, the government stated that it would try to “maximise the potential” of the metaverse while controlling potential privacy, security, and negative effects risks.
