81,000 warning letters sent to crypto holders in HMRC tax crackdown

HMRC has sent 81,000 warning letters to cryptocurrency holders as part of a tax compliance initiative targeting unreported gains. The agency says it suspects substantial unpaid capital gains remain from the surge in crypto values between December 2022 and October 2025, a period during which Bitcoin’s price climbed from roughly £14,000 to about £90,000. Accountants are advising investors to review their liabilities, noting that forthcoming powers will simplify HMRC’s ability to identify individuals who owe tax. Starting in March 2027, crypto platforms operating in dozens of jurisdictions outside the United Kingdom will be required to share customer information with tax authorities. HMRC stated that the new measures would compel “crypto bros to pay their fair share of tax” when the rules were unveiled last year. The department estimates the changes could generate as much as £315 million by April 2030, an amount it equates to the funding required to support more than 10,000 newly qualified nurses for a full year. “Once HMRC has this data, tax investigations into cryptocurrency investors will be like shooting fish in a barrel,” warned Ms Chauhan. Over the last twelve months, Bitcoin’s value has retreated to approximately £48,000.