Topic: HMRC confirms U.K. customers data collection from Coinbase (Read 166 times)
I guess this situation is not only inclusive for Coinbase. Some crypto exchanges are under the jurisdiction of their respective Local Central Bank, so if you are a user that submitted KYC, expect that your crypto transactions will be submitted to the Authorities. So I am not really surprised by this news. Just be ready for all possible scenarios if you are dealing with high amount of cryptocurrencies with your exchange.
In crypto £5000 isn't much... That's kinda more interesting that not many people have many crypto assets going through coinbase in the UK.
Dunno if it makes much sense to contact coinbase though and not just contact a bank? Are banks no longer compliant with tax regulations or do they use both?
Dunno if it makes much sense to contact coinbase though and not just contact a bank? Are banks no longer compliant with tax regulations or do they use both?
Tax authority HMRC confirms data collection from Coinbase, exchange says less than 3% of U.K. customers impacted
H.M. Revenue & Customs (HMRC), the British tax authority, has confirmed to The Block that it has sought customer information from Coinbase U.K. and other crypto platforms searching for tax evaders.
“We want to help people get their tax affairs right and believe that taxpayers want to get it right,” an HMRC spokesperson told The Block. “HMRC regularly gathers data from a range of information sources using powers provided by Parliament. Data collected by HMRC is used to improve the integrity of the tax system and to identify those that have failed to declare their gains.”
A spokesperson of Coinbase also confirmed the development, telling The Block that HMRC contacted the exchange in September 2019 requesting information about U.K. customers.
“These requests are commonplace for financial services companies. Through a series of constructive conversations with HMRC, we agreed upon on a more limited and focused disclosure, eventually narrowing it down to customers with a U.K. address who received more than £5,000 worth of crypto assets in their Coinbase account during the tax year of 2019/20,” said the spokesperson.
They went on to say that the development would affect less than 3% of Coinbase’s customers in the U.K.
https://www.theblockcrypto.com/post/79722/uk-hmrc-coinbase-tax-data-customers
H.M. Revenue & Customs (HMRC), the British tax authority, has confirmed to The Block that it has sought customer information from Coinbase U.K. and other crypto platforms searching for tax evaders.
“We want to help people get their tax affairs right and believe that taxpayers want to get it right,” an HMRC spokesperson told The Block. “HMRC regularly gathers data from a range of information sources using powers provided by Parliament. Data collected by HMRC is used to improve the integrity of the tax system and to identify those that have failed to declare their gains.”
A spokesperson of Coinbase also confirmed the development, telling The Block that HMRC contacted the exchange in September 2019 requesting information about U.K. customers.
“These requests are commonplace for financial services companies. Through a series of constructive conversations with HMRC, we agreed upon on a more limited and focused disclosure, eventually narrowing it down to customers with a U.K. address who received more than £5,000 worth of crypto assets in their Coinbase account during the tax year of 2019/20,” said the spokesperson.
They went on to say that the development would affect less than 3% of Coinbase’s customers in the U.K.
https://www.theblockcrypto.com/post/79722/uk-hmrc-coinbase-tax-data-customers
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