DeFi & NFT
By Dan Saada
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81,000 Letters and £168 Million Recovered. HMRC sent 81,000 crypto tax letters over the past year. That's a 25% jump over the previous period.
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DeFi Tax Deferral and the OECD Framework. Bigger changes are coming. From April 6, 2027, new rules will shift how certain decentralized…
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HMRC just named its price. The UK tax authority published data showing 240 individuals each declared more than £1 million in crypto capital gains for the 2024-25 tax year — and…
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It's the first time HMRC has broken out specific data on taxable crypto gains at all. The agency added a dedicated section to the Self Assessment return, and the numbers that…
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The compliance push is real and it's accelerating.
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Taxpayers who haven't declared gains above the tax-free allowance for 2025-26 have until January 31, 2027 to file a Self Assessment return.
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The authority is also pulling in data from international sources. Service providers are required to collect detailed information on users who are tax residents in participating…
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Read also: Lucy Beck Faces Trial for Alleged Violations of Financial Services and Markets Act
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Separately, the UK is rolling out the OECD's Cryptoasset Reporting Framework. Service providers must report transaction data covering the 2026 calendar year, with submissions due…
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The framework is part of a coordinated international push. Countries adopting it exchange data with each other, which means HMRC's visibility into cross-border activity is set to…
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UK lawmakers are also asking questions about how forthcoming crypto regulations will interact with how major banks handle regulated digital assets. No firm answers yet.
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What's clear is the direction. HMRC built the reporting infrastructure, collected the first real dataset, and found 240 people sitting on seven-figure crypto gains.
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See also: Kalshi Faces Legal Chaos After Appeals Court Rules States Control Prediction Markets
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The 17,600 taxpayers who declared gains in 2024-25 are probably not the full picture. HMRC thinks so too, which is why the letter volume keeps climbing.
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£1.38 billion declared. £717 million from 240 people. And a compliance machine that's only getting bigger.
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