Those with cryptocurrency are being urged to get their tax affairs in order now, or risk facing fines.
This warning comes after it was announced during the Autumn Budget 2025 that from next year, crypto platforms will start to record the gains made on assets.
New Crypto tax rules
These new tax rules are being brought in by the government to tackle cryptocurrency tax avoidance.
From the 1st of January 2026, major cryptocurrency exchanges will be required to collect full transaction records for their UK customers.
This will include information on:
- how much they paid
- how much they sold for
- any profits made
From 2027, this data will then be shared with HMRC, giving the tax body more insight into the amount of tax cryptocurrency holders should be paying.
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‘HMRC set to have more information and data at its fingertips than ever before’
Experts are warning that anyone trading in digital assets, whether in Bitcoin and Ethereum, or smaller tokens, must make sure they are accurately reporting their profits on their self-assessment tax returns.
This is because HMRC will use the new data to crack down on undeclared gains, and as warned by Seb Maley, CEO of Qdos, the tax body will have no hesitation in launching an investigation if the numbers don’t match.
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