The UK's first official statistics on taxable crypto asset gains show 240 individuals each declared more than £1 million in capital gains for the 2024-25 tax year. Combined, those declarations reached £717 million, accounting for more than half of the £1.38 billion total taxable gains reported by 17,600 people. HMRC said filers reported £13.8 billion in proceeds from crypto disposals, with average taxable gains around £78,000 per person. Men made up 87% of filers, women 13%. Selling tokens, exchanging them, spending them, or gifting assets can all trigger tax obligations. Over the past 12 months, HMRC sent 81,000 crypto tax letters, up 25% from roughly 65,000; the figure for 2023-24 stood at 27,714. Treasury minister James Murray noted that crypto gains are taxed like any other gains. From April 6, 2027, the UK plans to defer capital gains tax on certain DeFi lending and liquidity pool transactions until an economic disposal occurs, affecting roughly 700,000 people. HMRC estimates its compliance and education campaigns brought in an extra £168 million in capital gains tax in 2024-25.
The UK has published its first official statistics on taxable gains from crypto asset sales. For the 2024-25 tax year, 240 individuals each reported capital gains exceeding £1 million. Their combined declarations totaled £717 million, more than half of the £1.38 billion in taxable gains that 17,600 people reported overall.
HMRC's figures show those filers declared £13.8 billion in proceeds from disposing of crypto assets. Taxable gains averaged roughly £78,000 per person. Men accounted for 87% of filers and women 13%. Selling tokens, exchanging them, spending them, or gifting assets to someone else can all trigger a tax obligation.
HMRC sent 81,000 letters about crypto taxes over the past 12 months, up 25% from an estimated 65,000. The corresponding figure for the 2023-24 tax year was 27,714.
James Murray, Financial Secretary and Paymaster General at HM Treasury, said crypto asset gains are taxed the same way as other gains.
From April 6, 2027, the government plans to adjust how certain DeFi trades are taxed. Lending and liquidity pool transactions would typically see capital gains tax deferred until an economic disposal takes place. The change is expected to affect about 700,000 people.
HMRC also estimated that its crypto tax compliance and education campaigns brought in an extra £168 million in capital gains tax during the 2024-25 tax year.
(Source: Bitcoin.com News)
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