HMRC UK DISCLOSES THE RESULTS OF ENCRYPTED TAX COLLECTION: OVER POUND8 MILLION RECOVERED IN TWO YEARS

ON 24 JULY, THE BRITISH REVENUE AND CUSTOMS ADMINISTRATION (HMRC) DISCLOSED THAT SINCE THE LAUNCH OF THE ENCODED CURRENCY TAX COMPLIANCE INITIATIVE IN NOVEMBER 2023, OVER THE PAST TWO YEARS, A TOTAL OF 502 ENCRYPTED CURRENCY INVESTORS HAD REACHED A DISCLOSURE SETTLEMENT, WHICH RESULTED IN A CUMULATIVE TAX RECOVERY OF OVER POUND8 MILLION, OR AN AVERAGE OF ABOUT POUND1.6 MILLION. OF THESE, 2024/25 SETTLED 280 FOR THE FISCAL YEAR, IN THE AMOUNT OF POUND354 MILLION; 2025/26 RECONCILED 222 FOR THE FISCAL YEAR, IN THE AMOUNT OF ABOUT POUND4.78 MILLION. AT THE SAME TIME, THE NUMBER OF "ALARM LETTERS" SENT BY THE HMRC TO ENCRYPTED INVESTORS ROSE SIGNIFICANTLY, REACHING 64,982 IN FISCAL YEAR 2024/25, A 680 PER CENT INCREASE FROM THREE TO FOUR YEARS AGO. WITH THE ACCESSION OF THE UK TO THE OECD ENCRYPTED ASSET REPORTING FRAMEWORK (CARF), SINCE JANUARY 2026, ENCRYPTION SERVICE PROVIDERS HAVE BEEN OBLIGED TO COLLECT USER IDENTITY AND TRANSACTIONAL INFORMATION AND REPORT TO THE AUTHORITIES, AND THE SPACE FOR INVESTORS TO HIDE THE PROCEEDS WILL BE FURTHER REDUCED. CURRENTLY, ABOUT 8% OF BRITISH ADULTS (ABOUT 4.5 MILLION) HOLD ENCRYPTED ASSETS。