Last Updated: October 08, 2020
Pursuant to a legal notice received from the UK Tax Authority (HMRC), Coinbase is disclosing information on its users with more £5,000 worth of crypto assets on the platform during the 2019/2020 tax year.
Today, Coinbase sent out the following notice to its users’ subject to this crackdown.
The IRS in the United States previously undertook a similar initiative with Coinbase. In December 2016, the IRS issued summons demanding Coinbase to produce a wide range of records, which resulted in disclosure of 13,000 US customer records to the IRS.
If you receive this notification from Coinbase, don’t panic. You can connect your Coinbase account to CoinTracker and meet your UK crypto tax obligations in accordance with HMRC rules. CoinTracker integrates with 300+ cryptocurrency exchanges and wallets as well as 3,000+ blockchains, and has partnered with Coinbase to simplify crypto taxes.
If you have any questions or comments about this change, please let us know on Twitter @CoinTracker.
Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.