On Wednesday, the UK government asked cryptocurrency users to voluntarily disclose any unpaid capital gains or income tax to avoid penalties, and published guidelines on how to pay them.
Tax returns must reflect capital gains or income from exchange tokens such as bitcoin (BTC), non-fungible tokens (NFT), and utility tokens.
Users who have already made crypto tax disclosures to the UK Treasury have 30 days from the date of disclosure to make all necessary payments. If the deadline is not met, the Treasury will take action to recover the money and users could face sanctions, according to the publication.
The aspiring crypto hub has been clarifying its stance on the crypto tax. In 2021, the Treasury published a manual to help UK cryptocurrency holders pay taxes, and the country announced in March this year that people would have to declare their cryptocurrencies separately on tax forms.
