HMRC sends crypto tax warning letter roughly every eight minutes, according to Freedom of Information (FOI) data obtained by online broker BrokerChooser. HMRC issued 64,982 crypto-related nudge letters in the 2024-25 tax year, bringing the total since 2020 to 101,024.
Illustrating the speed of growth of crypto investments and HMRC’s counter activity, in the previous tax year 2023-24 there were just under 28,000 crypto nudge letters. In 2022-23 not a single crypto warning letter was sent, according to the FOI.
This comes as an estimated 4.5m crypto holders in the UK could face unexpected penalties in 2026, as HMRC ramps up enforcement on digital assets. The latest surge in activity followed concerns one in four investors who failed to report cryptocurrency holdings in 2021 said they were unaware that crypto was taxable.
