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The government have announced that a change will be made to tax returns for individuals and trusts and estates to require amounts in respect of cryptoassets to be separately identified when the capital gains tax pages to the return are completed.
Individuals, trustees and estates who make disposals of cryptoassets which must be reported on the capital gains tax pages to a tax return.
The changes will be introduced on the tax returns for the 2024/25 tax year.
HMRC have spent significant time developing guidance to educate taxpayers on the taxation of cryptoassets and have also sent ‘nudge’ letters to individuals who may have omitted to disclose tax due on their cryptoassets on their tax returns. Changing the capital gains tax pages of tax returns to require taxpayers to make a specific disclosure with regards to cryptoassets is likely intended to raise individuals’ awareness of the need to pay tax on gains made on cryptoassets.