🚨 UK Cracks Down on Crypto Tax Evasion – What You Need to Know
The UK government is tightening the screws on crypto traders with new tax reporting rules set to take effect in January 2026. Here’s the breakdown:
🔍 Key Changes:
✅ Mandatory Reporting: Crypto service providers (exchanges, NFT platforms, portfolio managers) must collect and share user data with tax authorities.
✅ User Details Required:
Full name, DOB, address
Tax ID number
Business details (if applicable)
✅ Fines for Non-Compliance: Up to £300 for users who fail to provide accurate info.
💰 Tax Impact:
Profits from crypto trading remain taxable (as before).
Expected to raise £315M by 2030 for public services.
Losses? No tax relief – it’s a "win-win for the government," critics say.
⚡ Why This Matters:
No More Anonymity: UK traders must now link crypto activity to tax records.
Global Trend: Similar rules are rolling out worldwide (EU, US, etc.).
Prep Now: Ensure your records are clean to avoid penalties.
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