Geraint Jones, one of our private client tax partners, has shared his cryptocurrency tax expertise in an article from Bloomberg Tax on how ‘UK tax authorities are asking crypto exchanges to turn over information on clients as part of an effort to crack down on traders who didn’t pay taxes on their gains.’
Geraint was quoted on HMRC’s approach and how taxpayers should respond.
“I think the revenue will have very little sympathy with people who are not compliant and they have made it clear in their December guidance.”
“With only 20% capital gains it doesn’t really make sense to run the gauntlet. Taxpayers should pay the 20% and late penalties and enjoy their gains.”
“People who cashed out at the peak, which was around about December 2017 should have disclosed those gains and paid their taxes to the revenue.”
In this recent article, we explained how HMRC is seeking capital gains tax evaders and how BKL can help cryptocurrency holders.
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