UK families face huge tax bills for locked crypto left by dead traders
The UK government has been told that it’s “simply not equipped” to properly tax crypto, following reports that bereaved families face potentially huge bills on inherited crypto that they can’t even access. As reported by Telegraph Money, around $30.2 million is lost every day worldwide as Crypto traders die without leaving their keys to their relatives. However, despite the fact that these families will likely never even get their hands on these funds, let alone get to spend them, they could still be liable for some pretty hefty tax bills. In the UK, the tax-free threshold currently stands at £325,000 ($409,000) with anything above this value taxed at 40%. For example, a £425,000 ($535,000) estate that includes £100,000 ($126,000) in cryptocurrency — whether it’s accessible or not — could still incur a £40,000 ($50,000) bill . Coinbase warns users their info was passed to UK tax office Read more: NFT designer arrested for allegedly evading Crypto Tax in Israel According ...