Essential information about Coinbase Accounts (Tax on Cryptos)
Cryptos are becoming legal thingy if the government imposes tax on it.
We’re writing to let you know about a notice HM Revenue and Customs (HMRC) issued to Coinbase under Paragraph 1, Schedule 23 to the Finance Act 2011. This notice requires us to provide information on your Coinbase account to HMRC.
The notice requires the disclosure of customers with a UK address who received payments of more than £5,000 in fiat currency out of electronic stored value payment services provided by CB Payments LTD during the 2019 and 2020 tax years.
We would encourage you to consult with your tax or legal advisor with any questions you may have regarding tax matters and your Coinbase account activity.
HMRC has advised Coinbase that there is published guidance from HMRC on the taxation of crypto assets which can be found here.
Additionally, you may prefer to submit a disclosure using the Digital Disclosure Service (DDS), which gives individuals and companies a chance to bring their tax affairs up to date. More information on disclosure and DDS is available here.
If you have questions relating to your Coinbase account activity, please contact us here.
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