UK Unveils First Official Crypto Tax Report, Revealing 240 Millionaires

The UK government has released its first official report on taxable crypto asset gains. According to HM Revenue and Customs, 240 individuals declared over £1 million in capital gains during the 2024-25 tax year, collectively recording £717 million.

HMRC's Capital Gains Tax statistics now include a dedicated table for crypto asset taxpayers, disposal proceeds, and gains. This data shows that approximately 87% of individuals declaring taxable crypto gains were male, while about 13% were female.

The report also highlights the importance of accurate tax reporting, with HMRC estimating that its crypto compliance and education activity generated an additional £168 million in capital gains tax during 2024-25. Financial Secretary to the Treasury James Murray emphasized the need for people making gains from crypto asset transactions to know about what taxes they owe.

Separate reforms will change how certain decentralized finance (DeFi) transactions are treated from April 6, 2027. HMRC's planned crypto lending and liquidity pool rules will generally defer capital gains tax until an economic disposal occurs, affecting approximately 700,000 individuals.