Key facts
- 240 individuals in the UK declared over £1 million in capital gains from cryptocurrency in the 2024-2025 tax year.
- These 240 individuals collectively declared £717 million in crypto gains.
- A total of 17,600 individuals reported crypto disposals, with total taxable gains reaching £1.38 billion on £13.8 billion in proceeds.
- The UK tax authority, HM Revenue and Customs (HMRC), released the figures.
- The UK is implementing the OECD's Crypto-Asset Reporting Framework, requiring service providers to report customer data from 2027.
- A younger, more male cohort, aged 25-44 and predominantly male, comprised a significant portion of crypto taxpayers.
HM Revenue and Customs (HMRC) data indicates that 240 individuals in the UK declared capital gains exceeding £1 million from cryptocurrency transactions during the 2024-2025 tax year, collectively reporting £717 million. These high earners represent less than 2% of the 17,600 individuals who reported crypto disposals, yet their gains accounted for over half of the total taxable gains and disposal proceeds.
Across all taxpayers, total taxable crypto gains reached £1.38 billion on £13.8 billion of proceeds. The data, published for the first time due to a dedicated section for cryptoasset disposals on Self Assessment returns, highlights a concentration of gains among a small group. Conversely, 65% of crypto taxpayers reported gains under £25,000, accounting for only 7% of total gains.
The demographic profile of crypto taxpayers differs significantly from the general capital gains population, with a higher proportion being younger (54% aged 25-44) and male (87% of those reporting gains). Financial Secretary to the UK Treasury, James Murray, stated that taxes are due on cryptoasset gains, similar to other capital gains, and noted that targeted HMRC work had resulted in an additional £168 million in Capital Gains tax.
In line with the OECD's Crypto-Asset Reporting Framework, which the UK began implementing in January, crypto service providers will be required to report customer data to tax authorities starting in 2027, with penalties for non-compliance. The Treasury also plans to defer capital gains tax on DeFi lending and liquidity pool deposits until assets are disposed of.