Britain’s tax authority (HMRC) has sent over 81,000 warning letters to crypto holders suspected of unpaid taxes, nearly three times the 27,714 letters sent in 2024. HMRC believes a large share of the unpaid tax relates to gains made during the crypto bull run between 2022 and 2025. Penalties for non-payment can reach 100% of the amount owed plus interest. Starting in 2027, new powers will allow tax authorities to obtain information on UK customers from offshore platforms, a measure estimated to raise £315 million by 2030. A parliamentary group has also asked major UK banks to explain why they are blocking or delaying around 40% of transfers to digital asset exchanges.
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