Overview
- Freedom of Information data show 64,982 letters in 2024–25, up 134% year on year, taking the four‑year total to more than 100,000 notices.
- The letters serve as early warnings urging recipients to correct filings before HMRC escalates to formal investigations.
- HMRC already receives user and transaction data from major crypto exchanges, bolstering its ability to spot undeclared gains.
- Under the OECD’s Crypto‑Assets Reporting Framework, exchanges will collect 2026 data for first submissions due May 31, 2027, expanding cross‑border visibility.
- UK rules tax disposals such as sales, swaps and spending, and the CGT annual allowance has fallen to £3,000 for 2024/25 and 2025/26, widening the number who must report gains.