RATE Group | Bitcoin investors are being chased by HMRC for tax on their windfalls
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Bitcoin investors are being chased by HMRC for tax on their windfalls

08 Aug Bitcoin investors are being chased by HMRC for tax on their windfalls

Posted at 19:36h in Bitcoin News by

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PEOPLE who buy and sell bitcoin and other cryptocurrencies are being warned to check if they need to pay tax on any windfalls they make amid an HMRC crackdown.

The taxman has confirmed it’s asked a number of cryptocurrency buying and selling platforms to reveal how much users are making.

Bitcoin investors are being warned to check if they need to pay tax on any windfalls they make

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Bitcoin investors are being warned to check if they need to pay tax on any windfalls they makeCredit: Getty – Contributor

Experts say the move follows a similar investigation launched by the USA’s Internal Revenue System (IRS).

HMRC wouldn’t tell us which firms it’s spoken to but CEX.IO told The Sun that it’s been contacted by the tax man.

The crypto exchange says it’s been asked for the names and addresses of UK residents who’ve transferred cash using the site between April 6 2017 and April 5 2019 – as well as the value and dates of transfers.

CEX.IO says it’s now investigating whether it has to meet the tax man’s demands.

How much tax do I have to pay on bitcoin and cryptocurrencies?

YOU don’t…

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