The UK government has published its first official statistics on taxable crypto gains, showing 240 people each declared more than £1 million in capital gains during the 2024-25 tax year. The group reported £717 million between them, more than half of the £1.38 billion declared by 17,600 taxpayers overall.
First Official Tax Report Identifies 240 Crypto Millionaires
HM Revenue and Customs (HMRC), the UK's tax authority, released the data on Aug. 27, showing that 240 people each declared more than £1 million in crypto capital gains during the 2024-25 tax year, together recording £717 million. According to HMRC: "It is the first time HMRC has published this specific data." The figures come from a new dedicated table added to HMRC's annual Capital Gains Tax statistics, covering crypto asset taxpayers, disposal proceeds, and gains.
Across the wider taxpayer population, 17,600 individuals reported £13.8 billion in crypto asset disposal proceeds and £1.38 billion in taxable gains, averaging approximately £78,000 each. About 87% of individuals declaring taxable crypto gains were male, while about 13% were female.
HMRC Steps Up Outreach as Reporting Rules Tighten
Selling tokens, swapping one cryptocurrency for another, spending digital assets, and gifting them outside specified exemptions can all trigger a taxable disposal. HMRC has already intensified its outreach to investors whose reported tax affairs may not reflect their crypto activity. The agency sent 81,000 crypto tax letters during the previous 12 months, accountancy group UHY Hacker Young stated Aug. 20. That is a 25% increase from roughly 65,000 letters, and nearly three times the 27,714 letters issued during the 2023-24 tax year.
Financial Secretary to the Treasury James Murray said the statistics support efforts to improve compliance and increase awareness among people profiting from crypto transactions. Separate reforms will change how certain decentralized finance transactions are treated from April 6, 2027: HMRC's planned crypto lending and liquidity pool rules will generally defer capital gains tax until an economic disposal occurs, with the government estimating that approximately 700,000 individuals could be affected.
Global Reporting Will Expand HMRC's Crypto Data
The UK began implementing the Organisation for Economic Co-operation and Development's Cryptoasset Reporting Framework in January. Under HMRC's crypto asset user and transaction reporting requirements, service providers must submit their first reports between Jan. 1 and May 31, 2027, covering customer information and transactions from the 2026 calendar year. Inaccurate, incomplete, unverified, late, or missing submissions may generate penalties of up to £300 per user.
Taxpayers with undeclared income or gains can use HMRC's Crypto Disclosure Service to catch up on crypto tax reporting. Amounts above the tax-free allowance for the 2025-26 tax year must be declared on a Self Assessment return by Jan. 31, 2027, with any tax owed paid then. HMRC estimated that its crypto compliance and education activity generated an additional £168 million in capital gains tax during 2024-25.
Source: Bitcoin.com News
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