ARTICLE · 31 AUGUST 2023

Spring Budget 2023: HMRC Scrutiny On Crypto Assets

Mercer & Hole

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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...

United KingdomTax

Henry Lowe

Whilst 2023 delivers strong crypto returns, HMRC increase their checks to ensure you are getting your tax on crypto assets right.

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.

How are HMRC increasing their checks?

HMRC announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and NFTs. All crypto sales will need to be separately identified on UK tax returns from next year (from April 2024), meaning you have to provide HMRC with more information when you submit your tax return.

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