How HMRC’s new crypto reporting rules could affect you

If you’ve invested in crypto, there are some important changes on the horizon that you need to know about.

From 1^st January 2026, HMRC will start receiving detailed information about UK crypto holders from platforms and service providers. And, if you don’t tell them about your activity, you could face a fine of up to £300.

These new rules are part of the OECD’s Cryptoasset Reporting Framework (CARF), helping to tackle tax evasion by increasing transparency in the crypto market. The UK is one of the first countries to roll this out, with over 50 others following suit by 2028.

What this means for crypto investors

• Disclosure starts sooner than you think

HMRC has already added a dedicated section for crypto to the capital gains pages of the 2024-25 self assessment tax return. That means if you’ve made gains or had crypto income, you’ll need to report it.

• Tax still applies

Just like other assets, crypto can trigger Capital Gains Tax (CGT) when you sell or exchange it. And if you earn crypto through employment, mining, staking, or lending, Income Tax and National Insurance may apply.

• HMRC will have the data

Service providers will collect details like your name, address, date of birth, National Insurance number, tax residence, and full transaction history. Once HMRC has the information, it will be a lot easier for them to spot who hasn’t been paying the right tax.

Why is this happening?

The Treasury expects these changes to raise up to £315 million in unpaid tax by April 2030. This is money that could fund more than 10,000 newly-qualified nurses for the year! With crypto climbing (Bitcoin has more than doubled over the last year), HMRC is keen to make sure investors are paying their fair share.

What’s next?

If you own or trade crypto, now is the time to get your records in order. The rules may feel a little strict, but being proactive will save you from penalties down the line. HMRC has also set up a cryptoasset disclosure service for voluntary disclosures, though it’s worth seeking advice before making a submission.

If you have any questions about the above, we’re here to help!

You can call us on 01872 267 267, email us contact@whyfield.co.uk, or message us via WhatsApp (0777 49 39 111) or our socials (@whyfield).

Information taken from HMRC to fine crypto investors £300 for non-disclosure

by Sara White, published on Business & Accountancy Daily

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