U.K. to Ask About Cryptocurrency Activity in Updated Tax Forms

April 29, 2021, 4:44 PM

The U.K. tax office will begin demanding information on cryptocurrency holdings from individuals suspected of tax avoidance or evasion.

Her Majesty’s Revenue and Customs is set to update its “Statement of Assets” form, which all individuals being investigated must fill out, a spokeswoman for HMRC said Wednesday.

“We take robust action to make sure that everyone pays the tax due—from individuals operating in the hidden economy through to action against sophisticated organized crime groups, and complex investigations into offshore structures used to hide earnings and other assets,” she said.

The form will now explicitly demand whether an individual holds ...

To read the full article log in. To learn more about a subscription click here.