HMRC to Require Crypto User IDs for Tax Starting 2026
2025-07-09 21:45:54
Main Idea
The UK's tax authority, HMRC, will require crypto users to provide personal identification for tax purposes starting January 1, 2026, to streamline tax assessments and penalties.
Key Points
1. HMRC's new regulations will require crypto users to provide personal information, such as a National Insurance number or Unique Taxpayer Reference (UTR), to service providers.
2. The rule applies regardless of whether the service provider is based in the UK.
3. Individuals not eligible for a Tax Identification Number (TIN) in their country are exempt from this requirement.
4. The objective is to enhance HMRC's ability to assess tax and national insurance contributions more efficiently.
5. Non-compliance may result in penalties, such as fines up to £300.
Description
The United Kingdom’s tax authority will implement new regulations starting January 1, 2026, requiring crypto asset users to provide tax identification numbers and other personal information to service providers. Streamlining Tax Assessments and Penalties The United Kingdom’s tax authority, His Majesty’s Revenue and Customs (HMRC), has announced new regulations that will require crypto asset users
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