{"id":36057,"date":"2025-07-09T20:46:44","date_gmt":"2025-07-09T20:46:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=36057"},"modified":"2025-07-09T20:46:44","modified_gmt":"2025-07-09T20:46:44","slug":"crypto-bros-targeted-in-britains-latest-tax-crackdown","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=36057","title":{"rendered":"\u2018Crypto Bros\u2019 Targeted in Britain\u2019s Latest Tax Crackdown\u00a0"},"content":{"rendered":"<div>\n<p>New reporting regulations set to come into force in January 2026 will target crypto investors in Britain as the government ramps up its tax collection.<\/p>\n<p>The new framework from the UK tax department (His Majesty\u2019s Revenue and Customs) specifically targets \u201ctax-evading crypto bros,\u201d <a href=\"https:\/\/moneyweek.com\/personal-finance\/tax\/hmrc-crackdown-crypto-bros\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">reported<\/a> finance outlet Money Week this week.<\/p>\n<p>The government claims that its coffers will be filled with \u00a3315 million ($US428 million) over the next five years from this latest tax raid.<\/p>\n<h2>Reams of Personal Data<\/h2>\n<p>Crypto exchanges and service providers must collect and report users\u2019 full personal details and transaction summaries to the tax department or face fines of up to \u00a3300 ($407) per user.\u00a0Investors who don\u2019t comply with the stringent reporting requirements can also be fined.<\/p>\n<p>Crypto holders will need to provide details of their full name, address, date of birth, tax residence, National Insurance (social security) number, and a summary of their crypto transactions.<\/p>\n<p>The taxman will use the data to identify whether or not <a href=\"https:\/\/cryptopotato.com\/crypto-com-custody-adds-institutional-support-for-toncoin-ton-amid-growing-demand\/\" data-wpel-link=\"internal\">crypto<\/a> investors have been paying the correct amount of tax on their profits.<\/p>\n<p>Exchequer Secretary to the Treasury, James Murray, said the new rules show that the government is \u201cgoing further and faster to crack down on tax dodgers\u201d to close the tax gap, before adding that it will \u201cmake sure tax dodgers have nowhere to hide, helping raise the revenue needed to fund our nurses, police and other vital public services.\u201d<\/p>\n<p>\u201cI urge all crypto asset users to check the details you will need to give your provider. Taking action now and having this information to hand will help you avoid penalties in the future,\u201d warned Jonathan Athow, director general for customer strategy and tax design at HMRC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Crypto users to provide accurate personal info from January or risk \u00a3300 penalty.<\/p>\n<p>Crypto service providers must share transactional data with HMRC.<\/p>\n<p>Changes will help ensure any crypto gains are correctly taxed. <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/72x72\/2705.png\" alt=\"\u2705\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"><\/p>\n<p>Read more <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/72x72\/2b07.png\" alt=\"\u2b07\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"><a href=\"https:\/\/t.co\/zYfdHPeyOf\" data-wpel-link=\"external\" target=\"_blank\">https:\/\/t.co\/zYfdHPeyOf<\/a> <a href=\"https:\/\/t.co\/cQlqlu7NTP\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/cQlqlu7NTP<\/a><\/p>\n<p>\u2014 HM Revenue &amp; Customs (@HMRCgovuk) <a href=\"https:\/\/twitter.com\/HMRCgovuk\/status\/1942235436824273278?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">July 7, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>HMRC also stated that it will \u201cshare your information with your country\u2019s tax authority\u201d for those who use crypto exchanges outside of the UK.<\/p>\n<p>Other countries are also <a href=\"https:\/\/cryptopotato.com\/south-korea-britain-bulgaria-to-join-forces-to-combat-crypto-tax-dodgers-report\/\" data-wpel-link=\"internal\">onboarding<\/a> Crypto Asset Reporting Frameworks (CARFs) to enable their tax departments to share information on digital asset investors.<\/p>\n<h2>Crypto is \u2018Property\u2019<\/h2>\n<p>In September 2024, the UK government <a href=\"https:\/\/cryptopotato.com\/new-uk-legislation-classifies-crypto-as-personal-property\/\" data-wpel-link=\"internal\">introduced<\/a> the \u201cProperty (Digital Assets) Bill,\u201d which meant that digital holdings, including crypto assets and non-fungible tokens (NFTs), can be considered personal property under the law.<\/p>\n<p>This also gave the government more leverage to impose capital gains taxes on digital assets.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/crypto-bros-targeted-in-britains-latest-tax-crackdown\/\" rel=\"nofollow\">\u2018Crypto Bros\u2019 Targeted in Britain\u2019s Latest Tax Crackdown\u00a0<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>New reporting regulations set to come into force in January 2026 will target crypto investors in Britain as the government ramps up its tax collection. The new framework from the UK tax department (His Majesty\u2019s Revenue and Customs) specifically targets \u201ctax-evading crypto bros,\u201d reported finance outlet Money Week this week. The government claims that its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-36057","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/36057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36057"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/36057\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}