HMRC's Wealthy Unit is sending one-to-many letters to those taxpayers HMRC believes have unreported chargeable gains or income from cryptoassets they have sold.
A small number of letters will be sent this week with a larger batch being issued in September. The letter includes details of the action needed including the Cryptoassets Disclosure Service. The letter must be responded to even if only to confirm the individual believes there is no Cryptoasset-related tax to be paid. Any additional information must be supplied within 60 days.
These letters follow HMRC's invitation to make a voluntary disclosure of Income Tax or Capital Gains Tax from cryptoassets earlier this year,
Useful guides on this topic
Cryptoassets tax treatment: At a glance
How do you tax Bitcoin? Are cryptocurrency or cryptoasset gains or profits, taxable? Can you obtain tax relief if you make losses on Bitcoin?
Disclosure of cryptoasset income & gains
HMRC is inviting taxpayers to make a voluntary disclosure of Income Tax or Capital Gains from cryptoassets. It publicises two options for disclosure: the digital disclosure service for those who have been careless in their tax affairs or the contractual disclosure facility for those who want to admit tax fraud and want to avoid criminal sanctions.
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