81,000 warning letters sent to crypto holders in HMRC tax crackdown
Summary
HM Revenue and Customs (HMRC) sent over 81,000 warning letters to cryptocurrency holders in the 2025-26 financial year, alerting them to possible unpaid capital gains tax. The number of letters nearly tripled from the previous year, and new rules starting in 2027 will require crypto platforms to share customer data with tax authorities to improve tax compliance.Key Facts
- HMRC sent 81,172 letters, emails, and texts to crypto investors in 2025-26, up from 27,714 in 2023-24.
- Cryptocurrency investors may owe taxes on profits made from selling or exchanging cryptocurrencies.
- HMRC suspects there is widespread tax evasion in the crypto market, especially among younger investors.
- Bitcoin’s value rose from about £14,000 in December 2022 to £90,000 in October 2025, creating large taxable gains.
- From March 2027, crypto platforms outside the UK must share customer information with tax authorities.
- HMRC expects these new powers to help collect up to £315 million by April 2030.
- The £315 million could fund over 10,000 newly qualified nurses for one year.
- After the price peak, Bitcoin’s value has since fallen to around £48,000 in the past year.
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