240 UK taxpayers reported over £1 million each in crypto capital gains for 2024‑25

HM Revenue and Customs (HMRC) disclosed that 240 individuals reported crypto capital gains exceeding £1 million during the 2024‑25 tax year, highlighting growing tax scrutiny of digital‑asset investors in the United Kingdom.

Scope of crypto activity

HMRC’s official statistics show that 17,600 taxpayers filed crypto‑related capital gains, reporting £13.8 billion in disposal proceeds and £1.38 billion in total gains. The average gain per filer was £78,000. The millionaire cohort alone accounted for £717 million of the total gains.

New reporting requirements

The 2024‑25 tax year was the first in which HMRC provided a dedicated section for crypto capital gains on Self Assessment returns, separating crypto from the broader capital gains schedule.

Enforcement actions

HMRC sent 81,000 “nudge” letters to investors it suspected of underpaying tax, a 25 % increase from the previous year’s 65,000 letters. In 2023‑24, the authority issued 27,714 such letters, offering recipients a chance to disclose unpaid tax before formal investigations begin.

Future data collection

Under the OECD Crypto‑asset Reporting Framework, HMRC will begin receiving customer data from crypto‑asset service providers in 2027, starting with exchanges in 52 jurisdictions and expanding to an additional 15 jurisdictions in 2028. This data is expected to facilitate more targeted investigations.

Taxable events

Disposals that trigger Capital Gains Tax include selling crypto, swapping one asset for another, using crypto for purchases, and certain gifts. Taxpayers with crypto income or gains above the tax‑free allowance must report them via Self Assessment and settle any tax due by 31 January 2027 for the 2025‑26 tax year.