No HMRC letter? UK crypto investors may still owe taxes, expert warns

HMRC has issued 65,000 crypto tax warning letters, but experts say UK investors who haven’t been contacted could still owe taxes.

UK crypto investors could face tax bills even if they haven’t received warning letters from HM Revenue & Customs (HMRC), as the agency steps up efforts to track undeclared digital asset income.

Last week, the Financial Times revealed that HMRC issued nearly 65,000 “nudge letters” in the 2024–25 tax year, more than double the number sent the year before. The letters urge investors to review their filings and voluntarily declare crypto-related gains before potential audits begin.

However, tax experts warn that the agency’s growing use of exchange data and international reporting agreements means that investors who haven’t received a letter shouldn’t assume they’re in the clear.

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