UK HMRC Crypto Tax Recovery Action: Over £8 Million Recovered in Two Years

According to the Financial Times, HM Revenue and Customs (HMRC) disclosed through a freedom of information request that since launching a special cryptocurrency tax compliance campaign in November 2023, it has reached disclosure settlements with a total of 502 cryptocurrency investors over the past two years, recovering over 8 million pounds in taxes cumulatively, with an average settlement amount of approximately 16,600 pounds per case. Of these, 280 settlements were reached in the 2024/25 fiscal year, involving 3.54 million pounds; 222 settlements were reached in the 2025/26 fiscal year, with the amount rising to approximately 4.78 million pounds. Meanwhile, the number of "reminder letters" sent by HMRC to crypto investors has surged significantly, reaching 64,982 in the 2024/25 fiscal year, a 680% increase compared to three to four years ago. As the UK joins the OECD Crypto-Asset Reporting Framework (CARF), starting from January 2026, crypto service providers must collect user identity and transaction information and report it to authorities, further limiting the room for investors to conceal profits. Currently, about 8% of UK adults (approximately 4.5 million people) hold crypto assets.