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HMRC sends over 81,000 crypto tax warning letters in last year
The tax authority said it expects upcoming cross-border reporting powers to expand investigations and could raise up to 315 million pounds by April 2030.
The BBC reports that the UK tax authority, HM Revenue and Customs, sent more than 81,000 warning letters, emails and text messages to cryptocurrency holders it suspects may owe capital gains tax in the past year.
A Freedom of Information request reviewed by the outlet found the number of warnings has almost tripled since 2024, and HMRC said investors could face fines or prosecution for failing to declare profits, including when users exchange one cryptocurrency for another.
The BBC says HMRC is investigating potential unpaid capital gains tied to the rise in cryptocurrency values between December 2022 and October 2025, even as the value of major coins such as Bitcoin and Ethereum has fallen over the past year.
Looking ahead, HMRC expects new powers due in 2027, including obligations for cryptocurrency platforms outside the UK to share customer information with tax authorities, and the tax office estimated the changes could help raise up to 315 million pounds by April 2030.
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