Entertainment

Welsh crypto investors alerted to stricter tax reporting requirements

Published

9 months ago

July 30, 2025

HM Revenue & Customs (HMRC) has issued a reminder to cryptocurrency investors in Wales that from 1 January 2026, a new regime will demand significantly more transparency around crypto holdings and gains. The upcoming implementation of the Crypto asset Reporting Framework (CARF), both users and service providers face new obligations and penalties up to £300 for non-compliance.

The measures were authorised by the UK government after adopting the OECD’s global standard designed to combat digital-asset tax evasion. HMRC has since released draft rules requiring crypto platforms, including exchanges, wallets, brokers, staking services, and payment providers, to collect personal and transactional data from users and transmit it annually to HMRC.

With these new rules in sight, it’s a good opportunity for investors to consider strategies that combine both asset growth and transparency. For instance, Ethereum offers fast, secure smart-contract capabilities along with lower transaction fees than Bitcoin. Plus, a crypto wallet enables secure storage while also simplifying tax record keeping by keeping transaction histories consolidated in one place. The best place to buy Ethereum pairs direct access to Ethereum with efficient integrated wallet tools, offering control over private keys and support for accurate, CARF-aligned reporting. This approach gives users more control while also simplifying the reporting process.

Individuals using UK-registered platforms will be asked to provide basic identifying details such as name, date of birth, address, and for UK residents, National Insurance or Unique Taxpayer Reference numbers. Providers must also record details of crypto transactions, including asset type, transaction value, quantity, and the nature of each transfer.

Once these records are submitted, HMRC will cross-reference the information to identify investors who may have omitted crypto profits from their tax returns. Jonathan Athow, HMRC’s director general for customer strategy and tax design, emphasised that this is “not a new tax” but “new reporting requirements to help people get their tax affairs right”.

From January 2026, individuals who refuse or neglect to supply required information risk a £300 fine, while providers failing in their duties could also receive a £300 penalty per user. HMRC warns this crackdown is part of its wider efforts to recover funds lost to online tax avoidance, including earlier moves targeting Airbnb or second-hand goods platforms.

This aligns with HMRC’s broader fiscal drive. The Treasury estimates that CARF could yield hundreds of millions in additional revenue by 2030, part of measures intended to support public services such as the NHS and policing.

Crypto investors in Wales must act ahead of the January deadline. They should check their crypto platforms to ensure they are UK-registered and CARF-ready, using gov.uk to verify whether the site is on HMRC’s approved list. They should prepare documentation such as National Insurance numbers, proof of address, and transaction records so platforms can collect accurate user data.

Likewise, they must also ensure tax compliance, reporting crypto gains exceeding the annual Capital Gains Tax allowance, which is currently £3,000. Profits may attract 18% or 24% CGT based on income band, and income from mining, staking, airdrops, or lending may incur Income Tax and National Insurance.

Tax specialists also recommend reconciling transaction records with exchange export data now to avoid year-end backlogs. Using crypto-specific tax software can help automate gain/loss calculations under UK rules, easing compliance under CARF. Investors should also assess if past undeclared crypto activity may warrant voluntary disclosure through HMRC’s digital disclosure service.

They can use HMRC’s crypto-asset disclosure service or self-assessment portal if unsure of their obligations. James Murray, Exchequer Secretary to the Treasury, noted that the framework “ensures tax dodgers have nowhere to hide, helping raise the revenue needed to fund our nurses, police, and other vital public services”.

From January 2026, Wales-based crypto-holders must contend with strengthened reporting mechanisms that could significantly impact how digital assets are managed. There is a clear message being sent that investors must meet their reporting responsibilities. Those who act now by organising documents, using compliant platforms, and maintaining transparent records will find the transition smoother and avoid punitive penalties.

If you’re preparing to meet the CARF requirements, it’s a good idea to check gov.uk’s guidance on cryptoasset reporting or consult a tax professional. With time to act, Wales’s crypto community can embrace both innovation and compliance, securing funds wisely and transparently in the months ahead.

Entertainment

Llys-y-frân Lake to launch Wales’s largest inflatable aqua park

Published

1 day ago

May 7, 2026

Tom Sinclair

NEW ATTRACTION WILL OPEN AT WEEKENDS BEFORE THE SUMMER HOLIDAYS

LLYS-Y-FRÂN Lake is set to make a splash this summer with the launch of what is being billed as Wales’s largest inflatable aqua park.

The new attraction, at the popular reservoir and visitor destination near Clarbeston Road, will feature a floating obstacle course with slides, launch towers, blast bags and other inflatable challenges.

Visitors will be able to enjoy one-hour sessions on the water, with safety equipment included in the £25 ticket price.

Dŵr Cymru Welsh Water, which runs Llys-y-frân Lake, completed the acquisition of the aqua park from Aqua Parks Group in March. Work is now under way to inflate and anchor the multi-component course in the lake ahead of its opening.

The aqua park will open at weekends before the start of the six-week school holiday period. It will then operate daily during the school holidays, with the season expected to finish in early September.

James Thompson, Head of Visitor Attractions at Dŵr Cymru, said: “We are thrilled to announce the launch of an Aqua Park at Llys-y-frân Lake.

“We look forward to welcoming both holidaymakers and local residents from across West Wales and beyond to experience the Aqua Park.

“This new addition enables visitors to enjoy the water in a safe, fully lifeguarded environment.”

Llys-y-frân Lake, situated north of Haverfordwest in the foothills of the Preseli Mountains, has become one of West Wales’s best-known outdoor attractions.

The site, which includes 350 acres of woodland, grassland and open water, benefited from major investment in 2021 with the opening of a new visitor centre and activity centre. A four-star campsite was added in 2023.

Dŵr Cymru said environmental surveys had been carried out and indicated that the aqua park was unlikely to have a negative impact on local wildlife. The company said measures were being put in place to protect the lake’s habitats and species.

Recent inland bathing water assessments have also confirmed that Llys-y-frân Lake has excellent water quality. Welsh Water said monitoring would continue throughout the summer bathing season.

A community open day will be held at Llys-y-frân Visitor Centre on Sunday, May 17, from 11:00am to 3:00pm, where plans for the aqua park will be on display and staff will be available to answer questions.

The new attraction will add to the existing activities at Llys-y-frân, which include bike hire, walking and cycling trails, mountain bike routes, a pump track, lakeside café and gift shop.

Further updates on opening dates and the full summer timetable will be published on the Llys-y-frân Lake Facebook and Instagram pages.

Charity

Milford Haven Beer Fest set for Bank Holiday return

Published

2 days ago

May 6, 2026

Tom Sinclair

Festival promises live music, Welsh ales and community spirit at the waterfront

MILFORD HAVEN Beer Fest is set to return later this month, with organisers promising another packed day of live music, craft drinks and festival atmosphere.

The popular annual event will take place at Milford Waterfront on Saturday, May 23, inside the Ascona Group Marquee, with doors opening at 12:00pm.

Organisers say no advance tickets will be available, with entry operating on a first come, first served basis. Another sell-out is expected and early arrival is strongly advised.

A wide range of Welsh breweries and drinks producers will be represented, including Tenby Harbwr Brewery, Bluestone Brewing Company, Gethin’s Cider, Mantle Brewery, Gower Brewery and Core of the Poodle.

Tiny Rebel Brewery will also be serving lagers, IPAs and its new stout, Coal Drop, while Barti Rum will showcase its latest canned drinks. Prosecco and Pimm’s will also be available.

Entertainment throughout the day will be hosted by Pure West Radio, with headliners 4th Street returning to the waterfront.

The line-up also includes a DJ set from former Welsh rugby international and British and Irish Lion Josh Navidi, alongside performances from Steve Bartram, Big Chicken, Jake Taylor, Function 22 and Natalie O’Brien.

Festivalgoers will also be able to enjoy a street food zone featuring Grub Tacos, Junkyard Dogs and Reeves BBQ.

Community support

Nathan Rees, chairman of Milford Haven Round Table said: “The Beer Festival is a huge highlight for us – not just for the atmosphere, but for the impact it has.

“Every penny raised goes back into the community, funding events like our Carnival and Fireworks and supporting local causes.

“We’re also incredibly grateful to The Ascona Group for their continued sponsorship and to the Port of Milford Haven for their ongoing support as our Major Events Partner, as well as all the Beer Festival sponsors for 2026.”

Ticket information

Entry costs £25 and includes four drink tokens, a festival cup and live entertainment throughout the day.

Additional drink tokens will cost £2.50 each, with cash and card accepted.

The event is strictly over-18s only.

Organisers say there will be a 100 per cent bag search policy, with visitors strongly advised not to bring bags. Free water will be available, and dogs will not be allowed.

Entertainment

Dinosaurs set to take over Milford Waterfront

Published

3 days ago

May 5, 2026

Tom Sinclair

PREHISTORIC FUN COMES TO MILFORD HAVEN

DINOSAURS will be roaming Milford Waterfront later this month as Dinomania brings a day of prehistoric entertainment to the town.

The popular dinosaur attraction will take over the waterfront on Wednesday, May 27, with three interactive shows taking place throughout the afternoon.

Each show will last around 50 minutes and promises plenty of audience participation, prehistoric facts, and family-friendly fun.

Before the ticketed shows begin, visitors are being encouraged to keep an eye out around Milford Waterfront, where Dinomania’s dinosaurs will be out and about during a free walkabout performance between 10:30am and 11:30am.

The walkabout will give families the chance to see the dinosaurs up close and enjoy some entertainment around the waterfront before the main shows get underway.

Milford Waterfront said: “Dinomania will be taking over Milford Waterfront on Wednesday, May 27, with three exciting shows taking place throughout the afternoon.

“Each show lasts approximately 50 minutes and is packed with interactive moments and prehistoric fun.”

Tickets can be booked through the Milford Waterfront website.