Following HMRC’s drive to aid the economic impact of the COVID 19 pandemic and a surge in recent enquiries into tax affairs of individuals and companies alike, HMRC have confirmed that e-money value transfer systems and Crypto assets are on their watchlist of assets they will be looking closely into. This is particularly the case, since it is known such assets are commonly used by organised crime. HMRC now receives information from crypto exchanges on transactions carried out by crypto asset investors based in the UK and may also receive information on crypto asset transactions under the Common Reporting Standard.
HM Revenue & Customs (“HMRC”) has recently reported a 4-year high in Inheritance Tax (“IHT”) revenues after collecting an additional £274m as a direct result of more than 5,000 investigations during the 2019/20 tax year.
The 2019 financial statements for Airbnb have recently been published and include a note confirming that it will share data with HM Revenue & Customs (“HMRC”) about the letting income earned by its hosts in the 2018 and 2019 tax years.
HMRC’s very own “tax gift that just keeps giving”…