Key facts
- 240 individuals in the UK declared over £1 million ($1.4 million) in capital gains from cryptocurrency in the 2024-2025 tax year.
- A total of 17,600 people reported digital asset gains, summing to $1.9 billion.
- The UK tax agency, HM Revenue and Customs, released the data.
- The UK plans to adopt the OECD's Crypto-Asset Reporting Framework.
- HM Revenue and Customs has previously targeted suspected crypto tax underpayers.
HM Revenue and Customs (HMRC) data reveals that 240 individuals in the United Kingdom declared capital gains exceeding £1 million (approximately $1.4 million) from digital assets during the 2024-2025 tax year. Across the same period, a total of 17,600 people reported gains from cryptocurrencies, collectively amounting to $1.9 billion, with $18.7 billion in assets being disposed of through sales or trades.
Financial Secretary to the UK Treasury, James Murray, emphasized that taxes are due on cryptoasset gains similar to other capital gains, aiming to ensure taxpayers are aware of their liabilities. The UK is set to implement the Crypto-Asset Reporting Framework developed by the OECD, which will require crypto asset service providers to report data on crypto gains and losses.
This disclosure follows HMRC's previous efforts, including sending over 81,000 letters to individuals suspected of underpaying taxes on their cryptocurrency investments.