HM Revenue & Customs sends crypto gains tax "reminder" letters to about 65,000 crypto investors in the UK

Foresight News reported, according to the Financial Times, that the UK's HM Revenue & Customs (HMRC) is intensifying its scrutiny of crypto investors, with the number of warning letters sent to individuals suspected of underreporting or evading taxes on digital asset gains having doubled. In the 2024–25 fiscal year, nearly 65,000 such letters were issued, compared to just 27,700 in the previous year. These letters, known as "nudge" letters, are intended to encourage investors to voluntarily correct their tax filings before a formal investigation is launched. Over the past four years, the agency has sent out more than 100,000 such letters.