HMRC Releases Data on UK Crypto Gainers Exceeding £1M
The UK's tax authority, HMRC, has released data showing that 240 individuals reported more than £1 million each in cryptocurrency capital gains during the 2024 to 2025 tax year. This group collectively declared £717 million in cryptoasset gains, with the average gain per individual being £78,000.
HMRC also reported that a total of 17,600 individuals made Capital Gains Tax-liable cryptoasset disposals, resulting in total taxable capital gains of £1.38 billion and total disposal proceeds of £13.8 billion. These figures are part of the tax authority's effort to improve visibility into taxable crypto activity.
HMRC notes that Capital Gains Tax may be triggered by various activities beyond just selling cryptocurrencies, including exchanging one type for another or using them to pay for goods and services. The tax authority also estimates that its cryptoasset compliance and education efforts generated an additional £168 million in Capital Gains Tax during the same period.