"This marks a major shift in how crypto trading is monitored from a tax perspective. HMRC will soon know exactly who is making gains - and how much. Anyone who holds or trades cryptocurrency must ensure they are reporting the gains on their self-assessment tax return. HMRC is set to have more information and data at its fingertips than ever before."
"From 1st January 2026, major cryptocurrency exchanges will be required to collect full transaction records for their UK customers - including how much they paid, how much they sold for and any profits made. From 2027, these platforms will begin sending this information straight to HMRC, giving the tax authority a clear view of people's gains for the first time."
Major cryptocurrency exchanges will be required to collect comprehensive transaction records for UK customers from 1 January 2026, including purchase prices, sale proceeds and profits. From 2027 these platforms will transmit the data directly to HMRC, giving the tax authority visibility of individual gains. Platforms will become responsible for recording and, in time, sharing financial information, enabling HMRC to cross-check self-assessment returns against platform records. Traders in Bitcoin, Ethereum and smaller tokens must ensure accurate profit reporting to avoid enforcement. The measure forms part of a wider government clampdown on tax avoidance and will increase tax compliance scrutiny.
Read at London Business News | Londonlovesbusiness.com
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