UK Reveals 240 Crypto Millionaires in First Official Tax Report

HM Revenue and Customs (HMRC) released its first dedicated statistics on taxable crypto‑asset gains for the 2024‑25 tax year. The data show a small group of high‑value taxpayers and a broader base of investors generating significant tax revenue.

Crypto millionaires

240 individuals each reported more than £1 million in capital gains from crypto assets, contributing a combined £717 million to the tax base. This amount represents just over half of the total £1.38 billion in taxable gains reported by all crypto taxpayers.

Overall crypto tax landscape

Across the United Kingdom, 17,600 taxpayers disclosed crypto‑asset disposal proceeds of £13.8 billion, resulting in £1.38 billion of taxable gains – an average of roughly £78 000 per person. The gender breakdown shows about 87 % male and 13 % female among those reporting gains.

HMRC compliance actions

HMRC has intensified outreach, sending 81 000 crypto‑tax letters in the past 12 months – a 25 % rise from the previous year and nearly three times the volume of the 2023‑24 tax year.

Future regulatory changes

From 6 April 2027, new rules will alter the tax treatment of certain DeFi activities, deferring capital gains tax until an economic disposal occurs. HMRC estimates around 700 000 individuals could be affected.

International reporting framework

The UK is implementing the OECD Cryptoasset Reporting Framework. Service providers must submit their first reports between 1 January and 31 May 2027, covering 2026 transactions. Penalties for inaccurate or late submissions can reach £300 per user.

Tax compliance impact

HMRC estimates its crypto compliance and education efforts generated an additional £168 million in capital gains tax for 2024‑25.