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"It seems likely that the next step will see HMRC increase international cooperation with overseas tax authorities to get more data from overseas cryptocurrency exchanges and brokers," said Steven Porter, partner at Pinsent Masons.
HM Revenue and Customs (HMRC) has published new figures suggesting it has identified £428,000 in tax it believes was underpaid by wealthy individuals on cryptocurrency investments last year, according to international law firm Pinsent Masons.
The increase is up 202% from £142,000 HRMC believes was underpaid the year before, the law firm said. Pinsent Masons said that given the growing popularity of cryptocurrency investment, this figure...
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