UK Tax Authority Identifies 240 Crypto Millionaires in 2024‑25 Tax Year

HM Revenue and Customs (HMRC) released its annual Capital Gains Tax (CGT) statistics, revealing that 240 people reported cryptoasset gains exceeding £1 million each in the 2024‑25 tax year. These high‑value filers accounted for just over half of all crypto gains declared to the tax authority.

Scale of Reported Crypto Gains

The 240 crypto millionaires together reported £717 million ($974 million) in gains. Across the broader pool of 17,600 taxpayers who made cryptoasset disposals liable for CGT, total disposal proceeds reached £13.8 billion ($18.8 billion). Taxable profit from these disposals amounted to £1.38 billion ($1.88 billion), averaging about £78 000 per filer.

Gender Distribution

Men comprised roughly 87 % of the filers, while women represented about 13 %.

Official Commentary

James Murray, Financial Secretary to the Treasury, emphasized that cryptoasset gains are subject to tax in the same way as other capital gains.

Blockchain Data Perspective

Chainalysis estimated UK taxable crypto activity at $19.4 billion in 2025, ranking the UK third globally after the United States and Germany. The estimate, which the firm describes as conservative, broke down into $6.0 billion of gains, $3.3 billion of income, and $10.1 billion of payments. The analysis covered six blockchains and did not include activity on centralized exchanges or other transaction venues.

Upcoming Reporting Framework

From January 2026, the Cryptoasset Reporting Framework (CARF) will require crypto service providers to report customer information to HMRC, with non‑compliance attracting fines of £300 per customer. HMRC expects to receive data from 2027, improving detection of undeclared crypto gains and income. However, Chainalysis notes that CARF currently covers only about 14 % of on‑chain taxable activity worldwide, leaving a large portion of decentralized and peer‑to‑peer activity unreported.