HMRC announces automatic new cryptocurrency rules from May 31 2027
In this news:
Key takeaways
- HMRC will receive automatic data on UK crypto holders from 52 jurisdictions starting May 31, 2027.
- The Crypto-Asset Reporting Framework aims to track overseas crypto-asset businesses.
- The new rules could help families identify and administer cryptocurrencies during probate.
HMRC has confirmed automatic new crypto rules from May 2027. HMRC will work with international agencies to get details of UK taxpayers who hold overseas crypto-asset businesses. TWM Solicitors, a leading private wealth and family law firm, says it could help solve a growing problem of heirs failing to inherit cryptocurrencies owned by relatives. The new international rules - titled the 'Crypto-Asset Reporting Framework ' -will kick in from May 31, 2027. Duncan Mitchell-Innes, Deputy Head of Private Client and Partner at TWM Solicitors, says HMRC will be handed details on overseas crypto holdings owned by UK customers.
HMRC will automatically start receiving comprehensive data on UK residents from cryptocurrency service providers located in 52 jurisdictions. It includes the Channel Islands, the Cayman Islands, Ireland. From 2028, the scope is expanded to include a further 15, including Singapore, Switzerland and Gibraltar. HMRC has confirmed it will respond to requests about crypto assets from solicitors who are undertaking a probate.
Duncan said in guidance over the shake-up from the Labour Party government's tax authority: “We’re seeing more estates where cryptocurrency forms part of the assets that executors are trying to identify and administer. As ownership becomes more widespread, this is an issue we’re encountering more regularly.”
“If HMRC does provide the information it receives from overseas crypto-asset businesses to executors, it could help address a growing problem for families trying to administer estates that include cryptocurrency. At the moment, very few overseas crypto-asset service providers will provide information to an executor – they often won’t even confirm if an individual held assets with them.”
Mr Mitchell-Innes went on: “With most traditional financial assets like savings or shares, the procedures for undertaking a probate have been long established. However, overseas crypto businesses generally do not cooperate with the process like a UK bank will.”
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