UK Sends 81,000 Crypto Tax Warnings as HMRC Targets Unpaid Bull Run Gains

Tax warnings surged across Britain as HMRC targets crypto gains.

HM Revenue and Customs (HMRC) has significantly increased its scrutiny of UK crypto users during the 2025-2026 financial year.

The tax authority reportedly sent more than 81,000 warning letters to holders it suspects may have unpaid tax, the BBC reported after reviewing a freedom of information request.

UK Holders on Notice

The number is nearly three times higher than the 27,714 letters sent in 2024. HMRC believes a large share of the unpaid tax relates to gains made during the crypto bull run between 2022 and 2025. The tax authority has reminded recipients that obligations can arise when crypto is sold, given away, exchanged, or used to make purchases.

Failure to pay can result in penalties of up to 100% of the tax owed, in addition to interest. Meanwhile, offshore transfers potentially carry greater consequences.

The crackdown is also set to become broader as HMRC prepares to receive new powers in 2027. Offshore firms will be required to hand over customer information to the UK tax authority, which estimates the measure could raise £315 million (or $430 million) by 2030.