HMRC Issues Record Number of Crypto Tax Warnings to UK Investors

The UK's HM Revenue and Customs (HMRC) has sent out a record number of tax warning letters to cryptocurrency investors, signaling growing scrutiny over undeclared gains.

The agency issued 81,172 warnings in the 2025/26 financial year, a 25% increase from the previous year's total of 64,982 and nearly three times the figure recorded two years earlier.

HMRRC treats cryptocurrency sales, swaps, purchases, and most gifts as potential taxable disposals for investors. The agency suspects that some undeclared liabilities arose from gains accumulated as crypto prices increased between late 2022 and 2025.