UK HMRC Sees Surge in Cryptocurrency Capital Gains Declarations

The UK's HMRC has reported that 2,400 individuals declared over £1 million in capital gains from cryptocurrency transactions for the 2024-2025 tax year.

This includes a total of £171m in capital gains, with an average gain of approximately £71,667 per person.

The HMRC has also noted that 17,600 individuals declared capital gains from cryptocurrency transactions, with a total value of £138 million. The average gain was around £7,833 per person.

HMRC stated that the increase in reporting is due to the introduction of dedicated fields for cryptocurrency capital gains on tax returns, making it easier for taxpayers to report their income accurately.