HMRC’s new Cryptoassets tax disclosure facility
HMRC recently launched a new online disclosure facility which taxpayers can use to tell HMRC about unpaid tax on income or gains from cryptoassets, such as exchange tokens like bitcoin, non-fungible tokens (NFTs) and utility tokens. Guidance has been published on GOV.UK which explains when the service can be used, how to register to use it, what information you will need before you start and how to work out how much tax, interest and penalties you may owe.
HMRC also issued an educational email on 30 November 2023 to some taxpayers which provided some basic information about how disposals of cryptoassets are taxed, together with links to HMRC’s cryptoassets guidance and to the new disclosure facility on GOV.UK. A copy of HMRC’s email is provided below.
The taxation of cryptoassets can be a complex area so we would recommend that anyone who considers that they might need to make a disclosure to HMRC should first seek advice from a suitably qualified and experienced tax professional. Our Find a Member service can be used to locate a CIOT member near you.