The government is introducing changes to self assessment tax return forms requiring amounts in respect of cryptoassets to be identified separately. The changes will be introduced on the forms for tax year 2024-25.

‘Crypto markets have bounced back in 2023, with particular enthusiasm for AI crypto tokens and projects. Irrespective of how your crypto has performed, it is crucial to make sure you are reporting your crypto correctly, to get your tax right or to take advantage of valuable tax relief on any losses,’ said Mercer & Hole partner Henry Lowe.

HMRC has announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and non fungible tokens (NFTs).