Bloomberg Tax
Aug. 14, 2019, 6:26 AM

You Didn’t Pay U.K. Tax on Big Crypto Gains—Own Up to It

Hamza Ali
Hamza Ali
Senior Reporter International Tax

The U.K. is looking for cryptocurrency traders who made gains during the two-year crypto boom and didn’t pay their taxes.

But it may not be too late to avoid hefty penalties if traders disclose their gains without being prompted, tax advisers say.

HMRC is seeking data for the period April 2017 to April 2019, during the height of the market, when cryptocurrency traders made enormous profits.

The agency recently sent requests to exchanges asking for names of clients who live in the U.K., as well as the date and value transferred either in fiat or cryptocurrency for that period, according ...

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