HMRC collects £3.5M as crypto tax disclosure window closes

Even the low end of that estimate, 55%, would mean more than half of crypto holders in Britain are not reporting gains properly.

Starting in January 2026, the Crypto-Asset Reporting Framework will require service providers to report user data directly to HMRC. The framework spans 49 nations. HMRC said this makes it harder to shield activity by using foreign exchanges. The framework's reporting obligations for crypto brokers will form the compliance baseline for holders. Penalties for non-compliance can reach £300.

The £3.5 million collected so far is a fraction of the £300 million HMRC projects its intensified enforcement strategy will generate over the next five years.