Coinbase Crypto Exchange warns its investors about HMRC requirements

coinbase contacts crypto investors about HMRC
Posted 2022 by Jane Loxton

The crypto exchange coinbase has contacted its investors to warn them that HMRC now requires them to provide information on their investors’ accounts.

Who is affected by HMRC crypto asset disclosure?

Crypto exchanges are legally obliged to disclose to HMRC all customers with a UK address who received fiat currency payments above £5,000 out of electronic stored value payment services in recent tax years.

You’re not alone in wondering how this will affect you, and how to mitigate your tax liability. You may even be hoping that it will just go away, but it won’t.

Need advice?

You can read more information from HMRC about the appropriate tax treatment of cryptoassets, but you’ll find it easier to talk to one of our crypto currency tax specialists who can advise you on your crypto assets tax obligations and indeed, any other tax issues that arise.

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