U.K. Tax Authority Sends Warning Letters to 65,000 Crypto Investors
The surge reflects intensified scrutiny of digital asset tax compliance across the United Kingdom.
HM Revenue & Customs issued nearly 65,000 warning letters to cryptocurrency investors during the 2024-25 tax year, representing a 134% increase from the prior year’s 27,700 notices. The surge reflects intensified scrutiny of digital asset tax compliance across the United Kingdom.
The letters function as “nudge” mechanisms designed to prompt voluntary tax filing corrections before formal investigations commence. Accounting firm UHY Hacker Young obtained the figures through a Freedom of Information Act request, revealing the scale of HMRC’s enforcement expansion.
Over the past four years, HMRC has distributed more than 100,000 such letters as…
