US EditionCrypto users forced to share account details with tax officials
HM Revenue & Customs expects at least £300 million in unpaid taxes over five years by collecting detailed crypto transaction data from exchanges under new rules.
- On January 1st, HM Revenue & Customs began automatically collecting account and transaction data from cryptocurrency exchanges to share with UK tax authorities.
- HMRC has said it is acting because it is concerned about high non-compliance among crypto investors and joining international data exchanges gives it richer data to better target UK taxpayers, aiming to recover at least £300m over five years.
- Ireland and Britain are among 48 countries implementing the OECD's Cryptoasset Reporting Framework, which covers NFTs, stablecoins and certain DeFi tokens, with platforms likely required to report disposals.
- Taxpayers who realised gains in 2024-25 may need to submit a self-assessment tax return by January 31st, 2026, as HMRC sent 69,500 letters.
- As international rollout continues, 75 countries committed to CARF and the US will implement from 2028; Register said, "It is looking to encourage voluntary disclosure where people have unpaid tax in earlier years and want to correct their affairs.
33 Articles
33 Articles
Since January 1, those who buy and sell cryptocurrencies in the UK face new reporting requirements that seek to close the fence to undeclared profits. The HMRC tax authority will start collecting user information through the exchanges, while the financial regulator maintains a consultation to tighten industry rules, including measures against domestic trading. *** The UK activated on January 1 a scheme that requires sharing crypto account detail…
UK Joins Global Crypto Reporting Framework to Track Digital Asset Transactions
UK crypto rules now require exchanges to report all user transactions to HMRC starting immediately. International sharing of crypto tax data will begin in 2027 under a global reporting framework. New rules remove anonymity for investors and aim to increase compliance with tax laws. The United Kingdom has introduced new rules for cryptocurrency reporting. These measures target undeclared income from digital assets. Crypto exchanges must now colle…
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