UK accounting board UHY Hacker Young says the UK tax authority is accelerating its efforts to arrest cryptocurrency tax evaders Her Majesty’s revenue and customs, in an attempt to find what it considers a hidden treasure.
According to the panel, the “asset declaration” form used in tax evasion investigations now includes a category specifically targeting cryptocurrencies such as Bitcoin (PTC), Ether (EDH) and others.
This form also includes sections dedicated to information about cryptocurrency holdings, black market weights used by Mexican and Colombian cartels, and other unsecured currencies used in Africa, India and China.
HMRC suspects that the amount of hidden wealth is slipping out of its fingers due to the proliferation of cryptocurrencies and other unplanned money transfer methods. This request for information is an important step in HMRC’s struggle against this, ”explained David Jones, director of UHY Hacker Young.
“It is no longer up to the tax authorities to protect the ignorance of the law in this expanding field,” Jones said.
Jones said HMRC’s request for information on cryptocurrency securities may not necessarily be met. However, if during the investigation someone fails to declare that they have cryptocurrencies, then if the authorities find their own wallet, they could now face additional criminal charges.
“While criminals can choose not to declare these assets, it offers another opportunity to open criminal cases against them if forensic work finds a hidden bitcoin wallet,” Jones explained.
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