UK Reveals Crypto Millionaires and £1.38B in Taxable Gains

The UK's HM Revenue and Customs (HMRC) has revealed that over 240 taxpayers reported crypto capital gains of more than £1 million in the 2024-25 tax year. This group made up about half of all crypto gains reported, with a total of £717 million in gains declared to HMRC.

According to the data, 17,600 individuals reported crypto asset disposals that created a Capital Gains Tax liability, resulting in an average reported gain of around £78,000 per person. The majority of those who reported gains were male, making up about 87% of the total.

The new international reporting rules will come into effect from 2027, requiring cryptoasset service providers to gather and share data on their customers and operations with HMRC. This information will provide better tools for tax officers to discover gains and income that may have been missed.