{
  "id": 1970799,
  "title": "81,000 warning letters sent to crypto holders in HMRC tax crackdown",
  "url": "https://urgent.news/2026/08/19/81-000-warning-letters-sent-to-crypto-holders-in-hmrc-tax-crackdown",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T16:14:46.000Z",
  "source": {
    "name": "BBC Technology",
    "slug": "bbc-technology",
    "url": "https://www.bbc.co.uk/news/articles/c0ej09nywdno?at_medium=RSS&at_campaign=rss"
  },
  "original_language": "en",
  "account": "The UK's tax authority, HMRC, issued over 81,000 warning letters to cryptocurrency holders in the past year, suggesting they may owe capital gains tax, according to a Freedom of Information request obtained by the BBC. These letters nearly tripled from the previous year. Crypto investors could face fines or prosecution for failing to declare profits from selling, even if they trade one cryptocurrency for another. New powers set to be granted to HMRC next year will ease targeting of wealthy crypto investors. Analysts predict investigations will be straightforward, likening them to \"shooting fish in a barrel.\" Tax authorities are concerned about the prevalence of tax evasion in cryptocurrency investments, with many young traders underestimating HMRC's ability to monitor their activities. In the 2025-26 financial year, HMRC sent 81,172 letters, emails, and text messages to crypto investors suspected of underpaying tax. Despite a recent drop in cryptocurrency prices, such as Bitcoin falling from £90,000 to around £48,000, HMRC remains vigilant due to the significant increase in value between December 2022 and October 2025. Accountants advise investors to verify their tax obligations, as the new powers will make it easier for HMRC to target individuals. These changes will allow the tax office to collect up to £315m by April 2030, equivalent to funding over 10,000 newly qualified nurses for a year. HMRC expects cryptocurrency investigations to become more manageable once they receive data from crypto platforms outside the UK, which will be required to share customer information with tax authorities starting March 2027.",
  "summary": "According to a Freedom of Information (FOI) request the number of letters sent has almost tripled since 2024.",
  "key_points": [
    "HMRC sent 81,172 warning letters to crypto holders in 2025-26 fiscal year",
    "Letters nearly tripled from previous year, targeting potential tax evasion",
    "New powers to ease targeting wealthy investors, funding £315m by 2030"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}