UK Won’t Excuse Ignorance in the Hunt for Unpaid Crypto Taxes, Experts Say
The United Kingdom government is implementing measures to ensure unpaid crypto taxes are settled. Crypto investors are being asked by the Treasury to find out the income or capital gains taxes they owe and pay them to avoid penalties. This applies to all crypto holdings, including cryptocurrencies like Bitcoin, NFTs, and utility tokens. Cryptocurrency holders who don't clarify their tax dues could face legal repercussions. The government has various methods to identify those who have not fulfilled their crypto tax obligations. However, the Treasury might require further resources and third-party aid for these investigations. The government has recently approved new international rules for sharing crypto tax data among authorities, developed by the OECD. Penalties for intentionally hiding crypto holdings could range from 30% to 100% of the extra tax due. A recent government survey revealed that roughly 72% of current and former crypto owners hadn't seen the Treasury's crypto tax guidance.
