UK Crypto Tax Report Reveals 240 Millionaires and £717m in Gains

The UK government has released its first official report on taxable crypto asset gains. The report reveals that 240 individuals each declared more than £1 million in capital gains, collectively reporting £717 million.

This represents over half of the total £1.38 billion in taxable gains reported by 17,600 taxpayers during the 2024-25 tax year. The data also shows that approximately 87% of individuals declaring taxable crypto gains were male, while about 13% were female.

Hughes Revenue and Customs (HMRC) stated that it is the first time they have published this specific data following the introduction of a dedicated part of the Self Assessment return for cryptoasset capital gains. The report aims to improve compliance and increase awareness among people profiting from crypto asset transactions, with Financial Secretary to the Treasury and Paymaster General James Murray saying 'Taxes are due on cryptoasset gains just like any other gains.'

The data also highlights HMRC's efforts to intensify direct outreach to investors whose reported tax affairs may not reflect their cryptocurrency activity. They have already sent 81,000 crypto tax letters during the previous 12 months, with a 25% increase from roughly 65,000.