UK Tax Report: 240 Crypto Millionaires Declared £717M Gains
HMRC's first official crypto gains data shows 240 individuals with over £1m gains, £717m total. Tax letters hit 81,000 as agency intensifies compliance drive.
The UK government published its first official data on taxable crypto asset gains, identifying 240 individuals who each declared more than £1 million in capital gains during the 2024-25 tax year. HM Revenue and Customs released the figures on Aug. 27, showing the group reported £717 million collectively.
Across 17,600 taxpayers, total crypto asset disposal proceeds reached £13.8 billion, with £1.38 billion in taxable gains. The average gain per individual was about £78,000. Around 87% of those declaring gains were male, the report said.
“It is the first time HMRC has published this specific data, following the introduction of a dedicated part of the Self Assessment return for cryptoasset capital gains,” the agency stated.
HMRC has already stepped up direct outreach. The agency sent 81,000 crypto tax letters in the previous 12 months, a 25% increase from roughly 65,000 and nearly three times the 27,714 letters issued during the 2023-24 tax year, according to accountancy group UHY Hacker Young.
Financial Secretary to the Treasury James Murray said the statistics support efforts to improve compliance. “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,” he said. He added that the work supports the government’s efforts to close the tax gap.
Separate reforms will take effect from April 6, 2027, deferring capital gains tax on certain DeFi transactions until an economic disposal occurs. HMRC estimates about 700,000 individuals could be affected by the revised treatment.
The UK began implementing the OECD’s Cryptoasset Reporting Framework in January. Service providers must submit their first reports between Jan. 1 and May 31, 2027, covering qualifying customer information and transactions from the 2026 calendar year. Penalties for inaccurate or missing submissions can reach £300 per user.
“We want to make it as easy as possible for people to understand and meet their tax obligations when it comes to cryptoassets,” HMRC Permanent Secretary John-Paul Marks said. He noted that expanded international reporting increases the importance of reviewing crypto asset tax obligations.
HMRC estimated that its crypto compliance and education activity generated an additional £168 million in capital gains tax during 2024-25.
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