UK Taxpayers Report £717 Million in Crypto Gains Above £1 Million
HMRC has released figures showing that in the 2024-2025 tax year, 240 UK taxpayers reported capital gains above £1 million from cryptocurrency transactions. These individuals accounted for around £717 million of the total £1.38 billion in reported gains.
The average gain per taxpayer among this group was close to £3 million, while the remaining 17,360 individuals averaged approximately £38,000 in gains.
HMRC's new Crypto-Asset Reporting Framework (CARF) is set to expand the customer and transaction data available to HMRC, starting from January 1, 2026. The first UK provider reporting deadline under CARF is expected on May 31, 2027, and the UK plans its first exchanges with participating foreign tax authorities by September 30, 2027.
The regulations regarding cryptocurrency taxes in the UK are complex and cover more than just conventional sales. Token swaps can trigger capital gains tax, as can using cryptoassets to purchase goods or services, or giving them away to another person (subject to certain exceptions).