UK tax authorities identified 240 individuals who reported over £1 million each in capital gains from cryptoassets during the 2024 to 2025 tax year, collectively declaring £717 million in gains, according to new figures released by HM Revenue and Customs.
This marks the first time HMRC has published specific data on cryptoasset gains. The data comes after HMRC introduced a dedicated section within the Self Assessment return for cryptoasset capital gains, streamlining the reporting process for digital asset holders.
Across the tax year, 17,600 individuals made Capital Gains Tax-liable disposals of cryptoassets such as Bitcoin, Ethereum and Dogecoin. These taxpayers reported total cryptoasset disposal proceeds of £13.8 billion, with combined gains of £1.38 billion for the period. HMRC's statistics also showed a significant gender disparity, with approximately 87 percent of individuals identified as male and 13 percent as female.
James Murray, Financial Secretary to the Treasury and Paymaster General, said taxes are due on cryptoasset gains just like any other gains. "We want to make sure people making gains from crypto know about what taxes they owe," Murray said. He added that this work supports the government's efforts to close the tax gap.
John-Paul Marks, HMRC's Permanent Secretary and Chief Executive, said the agency wants to make it easy for people to understand their tax obligations when it comes to cryptoassets. Marks referenced upcoming international standards, noting that as new international reporting rules come into force, it is more important than ever for people to check they are paying any tax owed.
The United Kingdom began implementing the Cryptoasset Reporting Framework (CARF) in January 2026. This international standard, developed by the Organisation for Economic Co-operation and Development, mandates cryptoasset service providers to report customer information to tax authorities. HMRC will start receiving this data from 2027, which will help identify undeclared cryptoasset gains and income. Service providers failing to comply with CARF regulations face potential penalties of up to £300 per user.
Capital Gains Tax applies when individuals dispose of cryptoassets, including selling them or exchanging them for a different type of cryptoasset. Income Tax and National Insurance also apply to cryptoassets received through employment, self-employment, mining, staking rewards or lending protocols. HMRC sent over 81,000 warning letters to cryptocurrency holders in the past year, notifying recipients of potential capital gains tax liabilities.
