In an 08 July 2021 blog post Gherson reported how they had received a response to a request under the Freedom of Information Act 2000 submitted to HM Revenue and Customs (“HMRC”). This was further to a blog post about tax and cryptoassets.
These blog posts followed HMRC’s publication of their Cryptoasset Manual which outlined how HMRC can make information requests from crypto exchanges under certain statutory powers.
Gherson acquired through their Freedom of Information (“FOI”) request further information on HMRC’s data gathering, including in relation to overseas data gathering and specific information gathered.
This FOI has now been picked up by Decrypt magazine in an article entitled “UK Tax Authority HMRC Gathering Customer Data From Overseas” and CryptoDaily in an article “Gherson Solicitors Confirms HMRC Crypto Data Gathering In The UK And Abroad”. The articles specifically note how HMRC is gathering data from overseas tax authorities as mandated under international law.
Gherson’s white-collar crime and investigations and tax teams urge anyone who requires advice on the tax treatment of cryptoassets, or has been approached by HMRC, to get in contact, send us an: e-mail, or alternatively, follow us on Twitter, LinkedIn or Facebook to stay up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
Solicitor in our White Collar Crime Defence Team