The United Kingdom government issued guidelines on how to pay any unpaid income taxes or capital gains on Wednesday and urged cryptocurrency users to voluntarily disclose any such amounts in order to avoid penalties.
Exchange tokens such as bitcoin (BTC), non-fungible tokens (NFTs), and utility tokens should all be included in the tax disclosures as capital gains or income.
After the disclosure date, users who have already disclosed crypto tax information to the U.K. Treasury have 30 days to complete the remaining payments. The post stated that users may be subject to fines and that the Treasury will take action to recover the funds if the deadline is not met.
The budding crypto hub has been making its position on cryptocurrency tax clearer. The Treasury released a guide in 2021 to assist U.K. cryptocurrency owners with tax payments, and the nation declared in March of this year that cryptocurrency owners would need to declare their holdings separately on tax returns.