UK Tax Authority Nets £8M From Digital Asset Investors Since 2024

The UK's tax authority has collected over £8 million ($11 million) from digital asset investors since 2024, according to a recent Freedom of Information request.

This comes from voluntary disclosures and settlements from 502 individuals who came forward with unpaid taxes relating to exchange tokens, non-fungible tokens (NFTs), and utility tokens.

The figure is part of a broader compliance crackdown by HMRC, which has resulted in approximately 100,000 individuals receiving 'nudge letters' suspected of evading tax on digital asset gains during the two-year period.

The increased reporting obligations under the Crypto-Asset Reporting Framework (CARF) have led to more investors and platforms coming forward with tax data, but HMRC says voluntary disclosure is just one route it uses to address digital currency tax liabilities.