The UK government is considering giving the HM Revenue & Customs Department powers to seize digital assets from custodial wallets of companies evading tax.

The government considers this proposal in light of new regulations normalizing digital asset payments.

UK Tax Authority Expects $12 Million From Individual Crypto Taxes

Parliament is considering a revamp of the Direct Recovery of Debts (DRD) legislation, which currently allows the HMRC to seize the bank account funds of tax evaders. The revision, proposed in a new consultation paper, would allow the HMRC to access custodial wallets and PayPal accounts.

While crypto exchanges cannot stop user inflows, they can prevent users from cashing out funds to fiat or transferring them to another wallet.

Stakeholders felt that the HMRC’s responsible use of the current DRD suggests it will not overreach digital wallet privileges.

The government will consult “wallet operators” to develop the proposal and understand implementation challenges.

The HMRC collected 787 billion GBP ($994 billion) in the last tax season.

The tax authority said that cryptocurrencies would be added to individual returns, adding about $12 million in capital gains collection.

Law enforcement like the London Metropolitan Police can already Go to Source to See Full Article
Author: David Thomas

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