RATE Group | Cryptocurrency Taxes in the UK: What You Need to Know
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Cryptocurrency Taxes in the UK: What You Need to Know

29 Jan Cryptocurrency Taxes in the UK: What You Need to Know

Posted at 20:04h in Cryptocurrency News by

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Tax season is here in the U.K. — and it’s time crypto investors buckled down to file their cryptocurrency tax returns correctly. There have been a lot of indications that the U.K.’s Her Majesty’s Revenue and Customs (HMRC) is starting to take a stern view of crypto tax evaders. 

The first cryptocurrency guidance was released back in 2018 after a special report was submitted by the Cryptoassets Taskforce — an initiative launched by the HMRC in collaboration with the Financial Conduct Authority (FCA) and Bank of England. These guidelines clarified some important details about how HMRC views cryptocurrencies, which many see as a prelude to a stricter approach toward crypto taxation. 

HMRC also sent requests to some major crypto exchanges (including Coinbase) for information about their U.K.-based investors in August of 2019. This is exactly what the United States’ IRS did before they sent out warning letters to suspected crypto tax evaders. 

All this is to say that HMRC…

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