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The United Kingdom’s His Majesty Revenue and Customs (HMRC) agency sent letters to crypto investors.
The letters in question remind investors to disclose and pay taxes on any cryptocurrency gains they may have overlooked. The notes from the UK’s tax collection authority were received by those who may have neglected to report or pay taxes on their crypto profits. Myrtle Lloyd, HMRC’s Director General for Customer Services said in a recent announcement:
“People sometimes forget that information about crypto-related income and gains need to be included in their tax return.
“Some people affected may not have had to do a tax return before, so it is important people check. With the Self Assessment deadline just a matter of weeks away, I am urging people not to put off completing it.”
Per the letter, income generated from lending, staking, and mining cryptocurrencies are all subject to taxation as well as cryptocurrency earnings from employment. The letter explicitly mentions non-fungible tokens (NFTs) as assets subject to tax when sold at a profit. The document reads:
“We generally treat crypto assets the same way as other assets. If you make a disposal of crypto assets, you may have to report them to us and pay Capital Gains Tax (CGT) on any gains that you make.”
Instructions for UK crypto holders
The letter explains that cryptocurrency investors are expected to “go to GOV.UK and search ‘Check if you need to pay tax when you sell cryptoassets’ to find the dedicated tool.”
UK citizens can also consult a dedicated Cryptoassets Manual on these matters. Lloyd said:
“Help is at hand – you can access a wide range of resources and support online, just search ‘help with Self Assessment’ on GOV.UK.”
While the cryptocurrency industry has been growing worldwide, the United Kingdom’s political landscape remains mostly silent on the matter. Ahead of the early July vote in the UK, the major parties have not expressed many opinions on crypto-related issues.
