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HMRC sends warning to cryptoasset users

As the use of cryptoassets continues to grow, HMRC is warning people to check if they need to complete a Self Assessment tax return for the 2022/23 tax year to avoid potential penalties.
Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return.
Tax may be due when a person:
  • Receives cryptoassets from employment, if they are held as part of a trade, or are involved in crypto-related activities that generate an income
  • Sells or exchanges cryptoassets, including:
    • Selling cryptoassets for money
    • Exchanging one type of cryptoasset for another
    • Using cryptoassets to make purchases
    • Gifting cryptoassets to another person
    • Donating cryptoassets to charity.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said:
“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.”
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