UK revenue authority to target cryptocurrency tax evaders
April 29, 2021. Summarized by summa-bot.
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Individuals under investigation for tax evasion will now be demanded to show their cryptocurrency holdings, as the U.K. HMRC goes after wealth hidden in "unsanctioned" currencies.
This demand for information is an important step in HMRC’s fightback against that,” explained UHY Hacker Young director, David Jones.
The HMRC’s demand for information on cryptocurrency holdings may not necessarily be met, says Jones.
“While criminals can still choose to not declare these assets, doing so gives HMRC another opportunity to bring criminal charges against them if their forensic work finds a hidden Bitcoin wallet,” Jones explained.