UK crypto investors report £1.38B gains, 240 individuals account for half

HMRC disclosed £1.38 billion in reported UK crypto gains, with 240 investors accounting for over half. This marks the first publication of crypto-specific Capital Gains Tax data by HM Revenue & Customs, establishing a baseline before new reporting rules take effect. For the 2024 to 2025 tax year, 17,600 individuals reported £13.8 billion in cryptoasset disposal proceeds and £1.38 billion in gains. The 240 individuals reported gains exceeding £1 million, totaling £717 million. The data originates from a new crypto section in Self Assessment returns, capturing Capital Gains Tax-liable disposals rather than all crypto transactions in the UK, thus not reflecting unreported activity. HMRC is developing a second data trail as the UK adopts the OECD's Cryptoasset Reporting Framework. Crypto businesses under CARF will start collecting customer and transaction data in January 2026, with HMRC expecting to receive reports by 2027. This change will enhance the agency's ability to identify discrepancies between reported gains and platform records. Existing tax obligations remain unchanged; crypto owners with reportable gains for the 2025 to 2026 tax year must file their Self Assessment return by January 31, 2027. HMRC estimated that its compliance efforts generated an additional £168 million in Capital Gains Tax during 2024 to 2025. The figures exclude other crypto-related tax liabilities, such as income from employment, mining, staking, and lending.

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