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>>HMRC directs cryptocurrency platforms to provide user information in order to reclaim £300 million in taxes.

HMRC directs cryptocurrency platforms to provide user information in order to reclaim £300 million in taxes.

crypthub

1 day ago

HMRC crackdown on crypto tax

HMRC has ordered crypto exchanges to send user data to recover £300 million in taxes. The rules began on 1 Jan 2026 and cover any UK‑resident platform for buying, selling or swapping digital assets. Failure to comply may lead to penalties. The goal is to stop Capital Gains Tax evasion on crypto gains.

Data sharing and reporting framework

Exchanges must collect name, birth date, tax ID and residence and forward them to HMRC. Data will be shared via CARF with other countries. The rule applies to all digital assets, not just cryptocurrencies. Accurate reporting links accounts to taxpayers’ records.

Tax liability and reliefs

Crypto disposals – selling, swapping, spending or gifting – trigger CGT once the £3,000 annual allowance is passed. Losses can be offset against gains, reported up to four years later. A voluntary disclosure scheme lets past under‑payments be corrected before the 31 Jan 2026 deadline. Crypto ETNs held in ISAs become tax‑free from 6 Apr 2026.

HMRC directs cryptocurrency platforms to provide user information in order to reclaim £300 million in taxes.

HMRC crackdown on crypto tax

Data sharing and reporting framework

Tax liability and reliefs

HMRC directs cryptocurrency platforms to provide user information in order to reclaim £300 million in taxes.