The UK’s HM Revenue & Customs (HMRC) has issued a warning to crypto investors: voluntarily recognizing capital gains tax or income tax debts from investments in digital assets will avoid fines and claims from HM Treasury.
The period for which UK crypto investors must calculate their tax underpayment is four calendar years from the date of the notice.
HMRC has notified taxpayers who have already provided tax information to the UK Treasury that they have 30 days from the date of disclosure to make any necessary payments. If the deadline is not met, the Treasury promises to take enforcement action and users could face fines.
Earlier, the United Kingdom’s tax authority announced
earlier, the UK tax authority announced its intention to ease tax rules for participants in the digital asset industry, bringing their tax treatment closer to the rules already in place.