HMRC Sends 81,000 Tax Warning Letters to Crypto Holders
· Business · BBC News, The Independent
The UK tax authority, HM Revenue and Customs, issued over 81,000 warning letters to cryptocurrency holders regarding potential capital gains tax liabilities over the past year. This figure represents a nearly threefold increase from the 27,714 notices sent in the 2023-24 financial year. Investors are warned that failure to declare profits from crypto transactions, including exchanges between different digital assets, could lead to fines or prosecution. New regulations set for March 2027 will require international crypto platforms to share customer data with tax authorities to improve enforcement.
Why it matters
The crackdown signals a significant increase in tax scrutiny for crypto investors, with new data-sharing powers expected to make evasion much harder to sustain.
Read the original report — BBC News
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