LBRY Block Explorer

LBRY Claims • hmrc-to-seize-crypto-from-“tax

9a85633deb57b05e7711bc81ca5cd3f74c4fda54

Published By
Created On
9 May 2023 13:33:11 UTC
Transaction ID
Cost
Safe for Work
Free
Yes
HMRC to seize crypto from “tax dodgers”
HMRC to hold Bitcoin under plans to seize crypto from tax dodgers - New government proposals signal latest crackdown on the sector.

HMRC is considering introducing rules that would enable it to seize cryptocurrency from businesses that fail to pay their taxes.

The Government is mulling proposals that would give the tax agency powers to access online wallets as part of plans to modernise how tax is collected in the digital age.

HMRC is already able to seize funds from bank accounts when individuals fail to pay tax under “direct recovery of debts” powers, but is considering extending this to online payment accounts such as PayPal.

A consultation document from HMRC raises the prospect that this could include businesses’ cryptocurrency wallets if virtual currencies become a common way of making payments online.

The prospect of seizing cryptocurrencies from wallets would be seen as the latest crackdown on the sector, which has been accused of allowing money laundering and criminal activity. Cryptocurrencies such as Bitcoin have been touted as ways to give owners control of their finances outside of government control.

While cryptocurrency wallets that are operated by individuals can only be accessed by the owner, those at centralised online exchanges such as Coinbase, Binance and Kraken could be subject to the rules.

Law enforcement agencies are currently able to seize cryptocurrencies from these exchanges when they detect criminal activity.
...
https://www.youtube.com/watch?v=pPHfuRHGFNY
Author
Content Type
Unspecified
video/mp4
Language
English
Open in LBRY

More from the publisher

Controlling
VIDEO
THIS
Controlling
VIDEO
$10 C
Controlling
VIDEO
69 RE
VIDEO
ARE Y
Controlling
VIDEO
TOP 5
Controlling
VIDEO
XRP L
Controlling
VIDEO
NOT C
Controlling
VIDEO
BINAN
Controlling
VIDEO
$10 C