UK Crypto Gains Hit £1.38B Amid Warning Letters to Undeclared Taxpayers
The UK has seen significant growth in crypto gains, reaching £1.38 billion during the 2024-25 tax year. According to HM Revenue and Customs (HMRC), 240 taxpayers reported over £1 million each in crypto capital gains, accounting for £717 million of the total.
The agency recorded 17,600 taxpayers with taxable crypto gains, with an average gain of £78,000 per individual. The top group of 240 investors accounted for a significant portion of the gains, with men making up about 87% of those reporting cryptoasset gains.
HMR reported that compliance and education activity related to cryptoassets generated an estimated additional £168 million in Capital Gains Tax during 2024-25. The agency is expected to receive more investor data from exchanges under international reporting rules, starting in 2027.