UK adds crypto reporting to tax forms, expected to raise £10 million per year for government

British taxpayers will have to declare crypto assets separately on their tax returns, a move that is expected to raise an extra 10 million pounds ($12 million) a year for public finances. U.K. Finance Minister Jeremy Hunt announced the move in his annual budget on Wednesday.

The U.K. Treasury said in a document released Wednesday that "the government is making changes to self-assessment tax returns to require a separate determination of the amount of crypto assets held," which will be introduced for the first time in the tax year ending April 2025. The government also said it will work to "maximize" the potential of the metaverse while managing the downside risks of privacy, security and harm. (CoinDesk)