Jeremy Hunt, the finance minister, delivered the spring budget 2023 on Wednesday amid chaos in the banking industry following the collapse Silicon Valley Bank’s U.K. branch. said that Hunt was responsible for the bank’s collapse and explained to BBC journalists that the U.K. shutdown had been caused by Hunt.
The British financial system was not at risk from any financial institution. The budget published by Treasury discusses the U.K. government’s decisions to’restore financial stability, support public service and lay the foundations for long-term economic growth’.
The budget discusses spending and tax, and specifically addresses “tackling promoters for tax avoidance”. The U.K. government plans to create new criminal offenses against tax evaders and will consult soon on the matter.
According to the Treasury budget, ‘The government will also consult about expediting the disqualification for directors of companies involved with tax avoidance promotion, including those who exercise control over a company’.
The Treasury document also mentions that the U.K. will amend its self-assessment tax forms in order to account for cryptocurrency assets. The Treasury notice explains that the government will make changes to self-assessment tax return forms to require amounts related to crypto assets to be identified separately.
“The tax forms for the tax year 2024-25 will reflect the changes.” Self-assessment tax returns in the United Kingdom are due by January 31 every year. The Government Gateway Service is used by taxpayers in the United Kingdom to file tax records. Cryptocurrency assets must be separately listed under the new rule.
The U.K. Treasury and finance ministers submitted the budget to follow Joe Biden’s annual budget 2024. This budget also included proposed tax policies for cryptocurrency investors.
Biden’s budget aims at eliminating the Section 1031 (also known as the like-kind exchange provision) from the Internal Revenue Code. President Biden’s administration believes closing the loophole will stop the ‘ultra-wealthy exploitation of the like-kind Exchange Provision.
