HMRC is cracking down on the UK’s estimated seven million crypto holders as new data revealed a big shift in enforcement activity, including against those who may not realise their asset is taxable.
As many as 101,024 warning letters have been issued for cryptoassets since 2020, according to Freedom of Information (FOI) data obtained from HMRC by Brokerchooser, a comparison platform. This is more than 40 times the amount issued for shares and securities (2,358), indicating crypto investors are now HMRC's largest capital gains tax (CGT) compliance target, far overtaking traditional assets such as stocks and property. The number of HMRC warning letters relating to cryptoassets more than tripled between 2021/22 (8,329) and 2023/24 (27,712), before soaring to 64,982 letters in 2024/2...
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