According to CoinMeta, the UK Tax and Customs Administration (HMRC) issued over 81,000 warning letters to cryptocurrency holders suspected of owing taxes in the 2025/2026 fiscal year, nearly tripling the number from 27,714 in 2024. HMRC stated that the tax arrears mainly stemmed from profits made during the crypto market's upward trend from 2022 to 2025. Users who sold, gifted, exchanged, or used cryptocurrencies for shopping may be liable for capital gains tax, and those who fail to pay the taxes could face fines and interest equivalent to 100% of the amount due. It is expected that HMRC will gain new powers next year to require offshore crypto companies to provide customer information, with an anticipated increase in tax revenue of £315 million by 2030.