HMRC data shows 240 people declared over £1 million in crypto gains last tax year The UK tax authority's first official statistics on cryptoasset gains show 17,600 people reported taxable disposals in the 2024-25 year, with £1.38 billion in combined gains on £13.8 billion of proceeds. The 240 largest declared £717 million between them. @HMRCgovuk begins receiving customer data from crypto service providers in 2027 under new international reporting rules. Financial Secretary James Murray said "taxes are due on cryptoasset gains just like any other gains."

HMRC guidance in the UK on stablecoins is going to remove stablecoin disposals from CGT and they would be treated like money (as they should) and interest-like income would be taxed as savings income from April 2027. Still a draft but one more less headache to deal with.

The HMRC is still trying to frame my bank for money laundering and tax evasion to save face after the J5 investigation failed to show that my bank actually helped anyone evade taxes or launder money. HMRC issued a press release about two men jailed for tax fraud. The fraud reportedly ran from 2016 to 2023, and HMRC says the men laundered money through 118 bank accounts, credit cards, and cryptocurrency trading platforms. Yet Euro Pacific Bank was the only financial institution named in the release. I searched all 6,615 entries in my records of accounts that were open when my bank was shut down in June 2022. I checked both men’s names and the names of both companies they used. I found no matching account. If either man or either company ever had an account at my bank, I believe we likely closed it before the shutdown. We closed thousands of accounts over suspicious activity. HMRC hasn’t identified the account holders or disclosed the dates of the transfers, so I can’t verify which accounts it’s referring to. My bank was never fined for anti-money-laundering violations, and no one at the bank was criminally charged with any such violation. By singling out my bank and mentioning its shutdown, HMRC was trying to imply that my bank facilitated those crimes and that regulators shut it down for that reason.