Can HMRC look into Revolut?
HMRC can request information from Revolut through formal legal information notices, in the same way it can approach any UK-regulated financial institution. This is not the same as open banking, which requires your consent. Revolut, as an FCA-regulated payment institution and now a UK-licensed bank, is legally required to cooperate with HMRC investigations and to report certain financial data automatically under Common Reporting Standards (CRS).
Does Revolut report account information to HMRC?
Yes — Revolut, like all UK-regulated financial institutions, participates in automatic exchange of financial information under the OECD’s Common Reporting Standard (CRS). This means account balances, interest, and certain income data may be reported to HMRC, particularly for accounts exceeding reporting thresholds. Revolut also reports income paid to UK businesses through its merchant services under HMRC’s data-sharing obligations.
What triggers an HMRC inquiry into a Revolut account?
HMRC uses its Connect data analysis system to identify discrepancies between declared income and lifestyle indicators. Significant unexplained deposits, large transfers, or income received through business accounts that is not declared in a tax return can trigger an inquiry. HMRC does not need to use open banking to investigate — it can issue a Schedule 36 information notice to Revolut directly.
Open Banking in Practice: Revolut received its UK banking licence in 2024, meaning it is now regulated by both the PRA and FCA. This brings it under the same regulatory reporting obligations as traditional UK banks. Open banking-powered connections to Revolut — for accounting apps, for example — are separate from HMRC’s investigative powers and require your consent. Read our guide to fintech banks and HMRC on openfuture.world.
FAQ
Is income received into Revolut taxable in the UK?
Yes — all UK taxable income must be declared regardless of which account it is received into, including Revolut, Monzo, or any other fintech account.
Can HMRC freeze a Revolut account?
HMRC can apply for a court order to freeze accounts in cases of serious tax fraud or evasion, applicable to any UK-regulated bank including Revolut.
Does using Revolut for business income trigger an HMRC investigation automatically?
No — but undeclared business income received via any account, including Revolut, is a known risk factor that HMRC’s Connect system may flag.