Crypto▲ Bullish
HMRC: 240 Crypto Millionaires Declared £717M in Gains
HMRC counted 17,600 crypto filers with £13.8B in disposals in 2024-25; CARF reporting from 2027 will give HMRC new visibility on undeclared gains.
Continue with
HM Revenue and Customs counted 240 people who each declared more than £1 million ($1.35 million) in cryptoasset gains in the 2024–25 tax year. The figures appeared in the department's yearly Capital Gains Tax release, the first breakdown of its kind.
The 240 filers reported £717 million ($974 million) between them, just over half of all crypto gains declared to HMRC that year. The wider pool ran to 17,600 people who made cryptoasset disposals liable for capital gains tax. Disposal proceeds reached £13.8 billion ($18.8 billion). Taxable profit came to £1.38 billion ($1.88 billion), an average gain of about £78,000. Men made up about 87% of filers and women about 13%.
James Murray, Financial Secretary to the Treasury, said in a statement accompanying the release that taxes are due on cryptoasset gains "just like any other gains."