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Wed, 19 Aug 2026

Wed, 19 Aug 2026 81,000 warning letters sent to crypto holders in HMRC tax crackdown

According to a Freedom of Information (FOI) request the number of letters sent has almost tripled since 2024.

* HMRC sent over 81,000 warning letters to cryptocurrency holders who may owe capital gains tax in the past year.
* This number has almost tripled since 2024 and is expected to increase with new powers given to HMRC next year.
* Investors can face fines or prosecution if they fail to declare profits from selling cryptocurrencies, even if they exchange one for another.
* The value of cryptocurrencies such as Bitcoin has fallen in the past year, but HMRC suspects there are still large amounts of unpaid capital gains tax.
* From March 2027, cryptocurrency platforms outside the UK will be required to share information about their customers with tax authorities, making it easier for HMRC to target individuals.
* Accountants are urging investors to check if they owe money and experts warn that investigations into cryptocurrency investors will become much easier with the new powers.