HMRC dispatches over 81,000 tax warnings to cryptocurrency investors

HM Revenue and Customs disclosed that it sent 81,172 warning communications to cryptocurrency owners in the 2025-26 financial year, a sharp increase from 27,714 in 2023-24. The letters advise recipients that undeclared gains from selling or swapping digital assets may trigger fines or legal action. Neela Chauhan of UHY Hacker Young noted that upcoming legislation will compel crypto exchanges abroad to provide user information, effectively turning tax probes into "shooting fish in a barrel."

HMRC said the move aims to ensure taxpayers pay their fair share, estimating the new regime could raise up to £315 million by 2030, enough to fund over 10,000 newly qualified nurses. Despite a recent drop in Bitcoin’s price to around £48,000, the agency believes substantial gains remain from the 2022-2025 surge.