Amendments to the Self Assessment tax return forms for cryptoassets

Yesterday’s Spring Budget revealed updated capital gains tax reporting implications coming soon for crypto investors.

Chancellor Jeremy Hunt stated that beginning in 2024/25, crypto investors will be required to declare disposals of cryptocurrency separately from other assets on the capital gains tax pages of their self-assessment tax return.

Currently, tax returns lump crypto disposals into a broad ‘other assets’ category.

HMRC is expecting by including a new box on the tax return to specifically identify cryptoasset gains and losses, it will serve as a reminder and alert people that crypto transactions are taxable events that needs declaring on the tax return.

By April 2024, the capital gains tax annual exemption will have been reduced to £3,000, so there is a likelihood that many more individuals could be subject to capital gains tax and need to report gains on a tax return.

If you need help bringing your crypto taxes up to date or want advice and support on an ongoing basis with this, our large crypto tax and accounting team are able to support you with specialist knowledge and expertise.