Taxing Crypto here in the UK!
Updated: Jul 13, 2021
2019 was a watershed year in the US for clamping down on crypto traders with almost
16 million letters sent out to them by IRS to disclose assets held with threat of fines for non compliance. It was almost inevitable that UK would also take the same action and 2021 seems to be the year.
HMRC has made it very clear they will be sending out letters to all UK residents invested in Crypto Currency. Back in October 2020 HMRC requested information from Coinbase of all UK residents who had used the exchange to trade in Crypto currency, this removed anonymity for individuals and non disclosure no longer an option.