Overview

• HMRC issued roughly 65,000 pre‑investigation notices in the 2024–25 tax year, up from about 27,700 a year earlier, taking the four‑year total past 100,000.
• The letters urge recipients to correct filings tied to crypto gains and income, with non‑response risking a formal investigation.
• An estimated seven million UK adults now hold crypto, and advisers warn that trades such as token‑to‑token swaps can trigger capital gains tax.
• HMRC already receives user data from major exchanges, and OECD Crypto‑Assets Reporting Framework rules begin in 2026 with first filings due by May 31, 2027.
• Policy moves elsewhere vary, with US lawmakers debating de minimis rules and staking treatment, South Korea warning of asset seizure for evaders, and an Ohio bill proposing state tax exemptions for crypto transactions.