UK HMRC reports £1.38B in cryptoasset capital gains

HM Revenue and Customs (HMRC) has released the first official statistics specifically detailing cryptocurrency capital gains in the United Kingdom for the 2024-2025 tax year. The data reveals that 17,600 individuals reported taxable cryptoasset gains totaling £1.38 billion, following £13.8 billion in disposal proceeds.

A small group of 240 individuals, representing approximately 1.36% of the reporting taxpayers, accounted for £717 million of the total gains, with each reporting more than £1 million in capital gains. The statistics show that the majority of crypto taxpayers are younger than the general capital gains population, with 81% aged 54 or under, and approximately 87% were male.

This disclosure follows broader trends in UK tax collection. Total capital gains tax receipts reached a record £24.2 billion for the 2024-25 tax year, an 89% increase from the previous year. This surge is attributed to factors including increased tax rates and a reduction in the annual capital gains allowance.

Looking forward, HMRC is implementing the OECD’s Crypto-Asset Reporting Framework (CARF). Under this international framework, cryptoasset service providers will be required to report customer information to tax authorities, a process the UK expects to begin receiving data from in 2027.