From January 2026, people who own crypto – such as Bitcoin, Ethereum or Dogecoin – must give personal details to every crypto service provider they use to make sure they are paying the right amount of tax.
UK crypto holders who fail to hand over their details could face penalties of up to £300. Any service provider that fails to report this information, or submits inaccurate or incomplete reports, could also be charged a penalty of up to £300 per user by HMRC.
Once data is received from service providers, HMRC will be able to identify those crypto speculators who haven’t been correctly paying tax on their crypto profits. This is estimated to raise up to £315m in tax revenue by April 2030.
The move is part of a major drive by HMRC to tackle non-compliance including the “small minority” it says are deliberately evading tax due on their profits from crypto.
What info will crypto service providers collect and report?
Crypto holders will need to give the following information to crypto service providers:
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- Name
- Address
- Date of birth
- Tax residence
- National Insurance number or tax reference
- Summary of your crypto transactions
James Murray MP, exchequer secretary to the Treasury, said: “We’re going further and faster to crack down on tax dodgers as we close the tax gap and deliver on our Plan for Change.
“By ensuring everyone pays their fair share, the new crypto reporting rules will make sure tax dodgers have nowhere to hide, helping raise the revenue needed to fund our nurses, police and other vital public services.”
Jonathan Athow, HMRC’s director general for customer strategy and tax design, said: “Importantly, this isn’t a new tax – if you make a profit when you sell, swap or transfer your crypto, tax may already be due.
“These new reporting requirements will give us the information to help people get their tax affairs right.
“I urge all cryptoasset users to check the details you will need to give your provider. Taking action now and having this information to hand will help you avoid penalties in the future.”
Previous research has suggested that many crypto investors don’t understand the tax implications if they make a profit.
