UK adds digital asset tab in tax declaration forms
Chancellor of the Exchequer Jeremy Hunt revealed while reading the budget that digital assets will now be identified separately in self-assessment tax returns.
Chancellor of the Exchequer Jeremy Hunt revealed while reading the budget that digital assets will now be identified separately in self-assessment tax returns.
Her Majesty’s Revenue and Customs (HRMC) also seized $6,700 worth of digital assets and arrested three people alleged to have defrauded the gov’t of $1.9 million in taxes.
The U.K. tax agency will impose a 2% digital service tax, which is reserved for tech outfits like Google and Facebook, on digital currency exchange, which, in turn, will be passed on to users.
Her Majesty’s Revenue and Customs published the updated guidance to address the issue of proof-of-stake rewards, which had previously been treated informally in the same way as mining rewards.