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UK tax office reports $1.77 billion in crypto gains for fiscal 2025
HMRC said it will start receiving customer data from crypto service providers in 2027 under an OECD reporting framework, enabling cross-checks against taxpayer disclosures.
CoinDesk reports that the UK tax authority, HM Revenue and Customs, disclosed crypto capital gains figures for the first time in fiscal 2025. HMRC said 17,600 taxpayers declared 1.38 billion pounds, about $1.77 billion, in taxable crypto gains for the year ended April 5, 2025.
The data also showed 240 people reported more than 1 million pounds, or about $1.36 million, in cryptocurrency capital gains, with the overall average among the 17,600 taxpayers at 78,000 pounds each.
HMRC said the figures became available because a dedicated section was added to the UK self-assessment return for the first time. The tax authority also said it has begun implementing the Cryptoasset Reporting Framework, an OECD standard requiring crypto service providers to report customer data to tax authorities.
HMRC expects to begin receiving that reported customer data in 2027 so it can cross-check information provided by taxpayers, and it added that compliance and education activities generated an extra 168 million pounds, about $228.2 million, in capital gains tax in 2024-25 alone.