The UK’s tax authority, Her Majesty’s Revenue and Customs (HMRC), has announced a crypto tax amnesty program to bring crypto holders into the tax fold. The program aims to encourage individuals who have not been paying taxes on their crypto gains to come forward and settle their debts without facing penalties.
Under the amnesty program, crypto holders will have until September 2024 to disclose their unpaid taxes and settle their outstanding liabilities. Those participating in the program will be granted immunity from prosecution and will not face penalties for their past non-compliance.
“We are aware that some individuals may have been hesitant to come forward and declare their crypto gains for fear of penalties,” said an HMRC spokesperson. “With this amnesty, we offer a clean slate for those who want to get their tax affairs in order.”
The amnesty program comes as HMRC increasingly focuses on crypto taxation. The agency has been cracking down on crypto exchanges and other businesses not complying with tax regulations. HMRC has also been working with other countries to share information on crypto transactions.
Crypto market growing enormously
“The crypto market is growing rapidly, and it is important that we ensure that individuals are paying their fair share of tax,” said the HMRC spokesperson. “This amnesty is an opportunity for those who have not been paying taxes on their crypto gains to make things right.”
The amnesty program is open to all UK residents who have held crypto assets at any point in the past. Individuals who wish to participate in the program can do so by visiting the HMRC website.