HMRC has started sending ‘nudge letters’ to those it suspects of failing to pay the correct tax on their cryptocurrency gains – with further letters to follow in September.

The ‘One to Many’ letter from HMRC warns that if an assessment finds extra capital gains or income tax owed on previously undisclosed crypto gains, recipients may also face interest on late payments and penalties.

HMRC considers the profits or losses from buying and selling exchange tokens as subject to Capital…