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    <p>The <a rel="noopener noreferrer nofollow" title="UK" href="https://thebittimes.com/tag/uk.html">UK</a> government published <a rel="noopener noreferrer nofollow" title="Tax" href="https://thebittimes.com/tag/tax.html">Tax</a> guidance on Wednesday requesting that holders of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>, NFTs, and utility tokens disclose any unpaid <a rel="noopener noreferrer nofollow" title="Tax" href="https://thebittimes.com/tag/tax.html">Tax</a> that may have accrued from their <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> profits, or face penalties.&nbsp;</p>
    <p>The disclosure published by HM Revenue and Customs (HMRC) is <strong>voluntary</strong>, but the guidance stresses “If you do not contact us to declare your unpaid tax, you could be liable to additional interest and penalties.”</p>
    <p>The guidance details how to make the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="Tax" href="https://thebittimes.com/tag/tax.html">Tax</a> disclosure so that the <a rel="noopener noreferrer nofollow" title="UK" href="https://thebittimes.com/tag/uk.html">UK</a>’s <a rel="noopener noreferrer nofollow" title="Tax" href="https://thebittimes.com/tag/tax.html">Tax</a> agency can figure out how much you owe, what penalties might affect you, what interest you owe, and how many years of unpaid <a rel="noopener noreferrer nofollow" title="Tax" href="https://thebittimes.com/tag/tax.html">Tax</a> you need to pay.</p>
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       UK families face huge tax bills for locked crypto left by dead traders
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“UK families face huge tax bills for locked crypto left by dead traders” — Protos" src="https://protos.com/uk-families-face-huge-tax-bills-for-locked-crypto-left-by-dead-traders/embed/#?secret=Sbnhnj0aUy#?secret=EtzcnbQVfB" data-secret="EtzcnbQVfB" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: UK police to return £2M in stolen crypto to IOTA scam victims</em></p>
    <p>To do this, it asks for information including <strong>how many times a crypto asset has been transacted</strong>, how much it cost to buy, any crypto exchanges that were used, and any profits you made.&nbsp;</p>
    <p>It states that if a successful disclosure is made and tax is due, the applicant has 30 days to pay HMRC any unpaid tax.&nbsp;</p>
    <p>However, the guidance notes that if HMRC discovers someone “knowingly gave us incorrect information on your disclosure, we may look at your tax affairs again and you may be liable to higher penalties.”</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/the-crypto-tax-man-is-calling-in-the-uk-tbt72062.html">https://thebittimes.com/the-crypto-tax-man-is-calling-in-the-uk-tbt72062.html</a></p>

The crypto tax man is calling in the UK

TheBitTimes

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