Taxpayers in the United Kingdom will have to report cryptocurrency assets separately in their tax documents for the tax year 2024-25, according to the Exchequer’s recently published spring 2023 budget.
New Criminal Offenses Planned by U.K. Government to Combat Tax Avoidance
Amid the chaos in the banking sector following the collapse of Silicon Valley Bank’s U.K. subsidiary, finance minister Jeremy Hunt delivered the spring 2023 budget on Wednesday. Hunt, who was previously dealing with the bank’s failure, told BBC reporters that the shutdown of the U.K. financial institution posed no immediate danger to the British financial system. The budget, published by the Treasury, discusses the decisions the U.K. government has made to “restore economic stability, support public services, and lay the foundation for long-term growth.”
The budget also discusses tax and spending and specifically addresses “tackling promoters of tax avoidance.” The U.K. government is planning to introduce new criminal offenses for those who evade taxes and will consult on the issue soon. “The government will also consult on expediting the disqualification of directors of companies involved in promoting tax avoidance, including those who exercise control or…