A Bank of England proposal to cap stablecoin holdings at a maximum of £10,000 or £20,000 for individuals has received fierce criticism; however, there are signs the Bank is softening its stance. A stablecoin is…
Crypto transactions under new scrutiny
From 1 January 2026, crypto investors will face new reporting requirements when buying, selling, transferring or exchanging cryptoassets, such as Bitcoin. This means HMRC will be able to link cryptoasset activity to your tax record.…
Nearly £50 billion missing in tax take
The latest estimate of the tax gap shows that missing taxes are approaching £46.8 billion, with some 5.3% of total taxes going unpaid. These figures are for 2023/24. HMRC will be particularly concerned that small…
Cryptoassets tax confusion
HMRC is sending letters to taxpayers who they believe hold cryptoassets, advising them of the potential capital gains tax (CGT) implications and linking to relevant guidance. Many taxpayers will be unaware that simply exchanging one…