HM Revenue and Customs released its first official statistics today on cryptoasset capital gains for the 2024 to 2025 tax year. The data cuts through the fog: 240 individuals declared over £1 million each in capital gains from cryptoassets, collectively reporting £717 million. Across all filers, 17,600 individuals made cryptoasset disposals—Bitcoin, Ethereum, Dogecoin—liable for Capital Gains Tax. They reported £13.8 billion in total disposal proceeds and £1.38 billion in collective gains.

This is the first time HMRC has published specific cryptoasset capital gains data. The move follows a dedicated cryptoasset section added to the Self Assessment return, signaling that tax authorities are tightening visibility into crypto holdings.

James Murray MP, Financial Secretary to the Treasury, stated: "Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe." Murray added that this work supports government efforts to close the tax gap.

John-Paul Marks, HMRC's Permanent Secretary and Chief Executive, said: "We want to make it as easy as possible for people to understand and meet their tax obligations when it comes to cryptoassets." He emphasized the importance of compliance as new international reporting rules take effect.

The UK began implementing the Cryptoasset Reporting Framework (CARF) in January 2026, an OECD-developed international standard for reporting cryptoasset transactions. Under CARF, cryptoasset service providers must report customer information directly to tax authorities. HMRC will begin receiving this data in 2027, creating a direct pipeline to identify unreported gains and income.

Non-compliance carries teeth: service providers face penalties up to £300 per user. Exchanges and platforms now face pressure to integrate robust reporting infrastructure or face fines.

Different crypto activities trigger different tax obligations. Capital Gains Tax applies on disposals—selling or exchanging one cryptoasset for another. Income Tax and National Insurance apply to cryptoassets acquired through employment, self-employment, mining, staking, or lending.

Demographics: approximately 87 percent of individuals reporting cryptoasset gains were male, with around 13 percent female.