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UK tax data shows 240 people reported over $1.36m in crypto gains
HMRC said 17,600 people reported £13.8 billion in crypto disposal proceeds in the 2024-25 tax year, with an average gain of £78,000 per filer.
HM Revenue and Customs said 240 people in the UK reported more than £1 million, or about $1.36 million, in crypto capital gains during the 2024-25 tax year, according to official statistics cited by The Block.
The data also shows 17,600 individuals filed taxable crypto asset capital gains, reporting £13.8 billion in crypto disposal proceeds and £1.38 billion in total gains, with an average gain of £78,000 per person. HMRC said the millionaire cohort accounted for £717 million of the total gains.
The Block reports the 2024-2025 tax year was the first in which HMRC included a dedicated section for crypto capital gains on Self Assessment returns, after gains were previously folded into broader capital gains reporting.
The update comes as the UK steps up enforcement, with The Block citing UHY Hacker Young saying HMRC sent 81,000 warning letters to crypto investors it suspected had underpaid taxes in the past year, up 25% from 65,000 a year earlier. UHY also expects crypto trader investigations to increase as HMRC starts receiving more information from overseas crypto businesses under new international reporting rules.