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Coinbase Reportedly Warns Some UK Users It's Handing Their Details to the Taxman
U.K. users of the exchange who have received £5,000 or more in the past tax year will have their information passed to the tax authority.
By Paddy Baker
Updated May 9, 2023, 3:12 a.m. Published Oct 2, 2020, 2:15 p.m.
Coinbase has told some of its users it is passing their details onto the U.K. tax authority, HMRC.
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- As first reported by Decrypt, the popular crypto exchange emailed some users saying that as part of a deal with HMRC, it must provide records on customers who had received more than £5,000 ($6,500) during the 2019-2020 tax year.
- The email appears to have been only sent to users the exchange believed crossed that threshold; it encourages them to reach out to their accountants or tax advisers.
- The notice comes over a year after HMRC first requested crypto exchanges send over information on U.K. residents who had moved money on their platforms.
- Per the email, Coinbase said HMRC had originally requested records on its customers between 2017 and 2019, but a compromise limited the data to customers using digital assets to receive greater amounts.
- In the U.K., cryptocurrencies count as an investment asset and are subject to capital gains tax, which for high-income earners can come to approximately 20% on gains.
See also: UK Government Moving to Restrict Cryptocurrency Promotions
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