Andrew Park reviews HMRC’s UWO position on crypto assets and NFTs.
The seizure of assets by HMRC is not new. HMRC’s latest annual report for 2020/21 shows, in that year alone, it seized £218.4m in assets. However, HMRC’s latest announcement that it has seized “non-fungible tokens” (NFTs) from three people it has under criminal investigation for organised VAT fraud is a landmark event. This is believed to be the first time that HMRC or any UK law enforcement body has seized any form of crypto assets.
HMRC and NFTs
Crypto assets have been a major HMRC concern for several years now, amid concern that they have been used to store the proceeds of tax evasion or to generate huge undisclosed tax liabilities in their own right.
Many UK investors h...
Tax Investigations Partner
Andersen in the UK