UK Tightens Crypto Tax Compliance: HMRC Targets Unreported Gains

The UK government is taking a more assertive stance towards crypto taxation, focusing on recovering unreported profits from cryptocurrency investments. HMRC has intensified scrutiny on both retail and institutional investors, issuing increased tax reminders to those holding crypto assets. 🤯 This crackdown aims to generate an estimated £12.9 billion in revenue by identifying underreported gains across various digital asset classes. 📈 The strategy involves leveraging exchange data as well as direct communication with individuals to encourage compliance with reporting obligations.