The UK government is considering giving HMRC the power to seize digital assets from custodial wallets held by companies evading taxes. The government is considering the proposal under new rules regulating digital asset payments, which are currently out for public consultation. In addition, amendments proposed in the consultation document would allow tax agencies to access custodial wallets and PayPal accounts, and the government will consult “wallet operators” to develop the proposal and understand the challenges of implementing it.
It is reported that the UK Revenue and Customs collected 787 billion pounds (994 billion U.S. dollars) in the last tax season and expected to gain $12 million from personal crypto taxes. (BeInCrypto)