240 UK Crypto Millionaires Accounted for Half of All Declared Gains in 2024-25
UK HMRC data: 17,600 filers reported £1.38B in crypto gains. 240 individuals with >£1M each made up 52%. CARF framework now operational.
HM Revenue and Customs disclosed that 17,600 UK taxpayers filed capital gains tax returns on cryptocurrency disposals in the 2024-25 fiscal year, reporting a combined £1.38 billion in gains.
The data, the first comprehensive breakdown from HMRC's specialized cryptoasset reporting section, showed heavy concentration. A group of 240 individuals each declared gains exceeding £1 million, together accounting for £717 million, or 52% of the total. The aggregate value of disposals underlying those gains reached £13.8 billion, HMRC said.
Men made up 87% of filers, women 13%.
The statistics come as the UK's Cryptoasset Reporting Framework enters its operational phase. Service providers began CARF documentation on Jan. 1, 2026, with first submissions due between January and May 2027. Non-compliant providers face penalties of up to £300 per user. The framework requires providers to gather customer identification and transaction records for HMRC, giving the agency a cross-reference tool against taxpayer declarations.
HMRC sent more than 81,000 letters to individuals it believes underpaid crypto taxes. The agency said its enforcement efforts yielded £168 million in additional capital gains tax during the fiscal year.
Globally, Chainalysis estimated $457 billion in potentially taxable on-chain crypto transactions for 2025, with the U.S. representing $112.6 billion.
The Jan. 31, 2027 filing deadline covers crypto income and gains from the 2025-26 tax year. HMRC's Crypto Disclosure Service remains open for taxpayers to report previously undisclosed liabilities.
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