HMRC Reveals First Crypto Tax Data Showing Over £717 Million in Gains
On 27 August 2026, HM Revenue and Customs (HMRC) published its first official report on crypto gains, revealing that UK crypto tax data is now part of the public record. The report showed that 240 individuals reported crypto gains exceeding £1 million in the 2024/25 tax year, with a combined total of £717 million. About 17,600 people reported taxable sales or swaps of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, totaling £13.8 billion in sales value and £1.38 billion in gains.
HMRC collects crypto information through self-assessment tax returns and a new reporting system for platforms such as exchanges, wallet apps, and NFT marketplaces. The system follows the OECD's Crypto Digital Asset Reporting Framework (CARF), which the UK began implementing in January 2026. Platforms must collect user details and trade records and send them to HMRC, with the first batch expected in 2027. Non-compliance can result in penalties of up to £300 per user.
Taxable transactions include selling crypto for money, exchanging tokens, using cryptocurrencies to buy products or services, and distributing tokens. Earnings from mining, staking, or lending may also be taxable as income. HMRC advises crypto holders to keep accurate records, including token type, date, amount, value in pounds, and pooled costs, to avoid mismatches with platform reports and potential penalties.
HMRC has been proactive in crypto education and checks since late 2023, which contributed an extra £168 million in capital gains tax for 2024 to 2025. The department encourages holders to use the Crypto Disclosure Service for any unpaid tax from earlier years, as penalties for unpaid tax can reach up to 100% of the amount owed, plus interest.