The notices concern the 2025/2026 tax year
HM Revenue and Customs (HMRC) sent over 81,000 warning letters in the 2025/2026 tax year to British digital asset holders suspected of owing unpaid taxes.
The number of letters has tripled compared to the 27,714 sent in 2024. The notices remind recipients that selling, gifting, exchanging or using digital assets for purchases may trigger capital gains tax.
Failure to pay can result in a penalty of up to 100% of the tax owed, plus interest. Neela Chauhan of UHY Hacker Young told the BBC that many young traders believe HMRC has limited visibility into their activities.
According to the BBC, from next year new powers will require offshore digital asset companies to report client information to HMRC. HMRC estimates the measure will generate £315 million by 2030.
