started · updated
UK HMRC reports 240 crypto millionaires in first official tax data
HM Revenue and Customs (HMRC) has released the United Kingdom’s first official report on taxable cryptocurrency asset gains for the 2024-25 tax year. The data reveals that 240 individuals reported capital gains exceeding £1 million each, contributing a collective £717 million to the total reported gains.
Across a broader group of 17,600 taxpayers who made capital gains tax-liable cryptoasset disposals, the total reported taxable gains reached £1.38 billion, derived from £13.8 billion in disposal proceeds. This results in an average reported gain of approximately £78,000 per individual. The report also noted a gender disparity, with approximately 87% of those declaring taxable gains being male.
HMRC has increased its enforcement efforts, with accountancy group UHY Hacker Young noting that the agency issued 81,000 crypto-related tax letters in the last 12 months, marking a 25% increase from the previous year.
Entities
HM Revenue and Customs · James Murray · UHY Hacker Young · United Kingdom
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] HMRC released the first official UK statistics specifically covering taxable cryptoasset gains. bitcoinethereumnews.com · news.bitcoin.com
- [● 2 SOURCES] Approximately 87% of individuals declaring taxable crypto gains were male. bitcoinethereumnews.com · news.bitcoin.com
- [● 3 SOURCES] The 240 high-value earners collectively reported £717 million in gains. bitcoinethereumnews.com · news.bitcoin.com
- [● 3 SOURCES] Total taxable capital gains from cryptoassets amounted to £1.38 billion. bitcoinethereumnews.com · news.bitcoin.com
- [● 3 SOURCES] A total of 17,600 individuals reported £13.8 billion in crypto asset disposal proceeds. bitcoinethereumnews.com · news.bitcoin.com
- [● 3 SOURCES] 240 individuals declared more than £1 million each in cryptoasset capital gains during the 2024-25 tax year. bitcoinethereumnews.com · news.bitcoin.com
- [● 3 SOURCES] The average cryptoasset gain reported per individual was approximately £78,000. bitcoinethereumnews.com · news.bitcoin.com
- [○ 1 SOURCE] HMRC sent 81,000 crypto tax letters during the previous 12 months, a 25% increase from 65,000. bitcoinethereumnews.com