HMRC Sends 81,000 Crypto Warning Letters
HM Revenue and Customs (HMRC) sent over 81,000 warning letters to cryptocurrency investors in the past year, nearly tripling the number from the previous year. The agency suspects many traders have underpaid capital gains tax despite falling cryptocurrency values, with upcoming rules expected to enhance their ability to target wealthy investors. From March 2027, foreign crypto platforms will be required to share customer data with tax authorities to address potential tax evasion.
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