HM Revenue & Customs has published crypto-asset capital gains figures for the 2024-25 tax year, showing a small group dominated the total. Two hundred and forty individuals each reported gains exceeding £1 million on crypto assets, together declaring £717 million – more than half of all reported crypto gains. Across the entire country, 17,600 taxpayers declared crypto gains totaling £1.38 billion, with disposal proceeds of £13.8 billion. 65% of filers reported gains below £25,000, yet they accounted for only 7% of the overall gains and 8% of disposal proceeds. Among filers, 54% are aged 25-44, 81% are 54 or younger, and men make up 87% of filers while contributing 93% of gains. The UK is moving forward with the OECD crypto-asset reporting framework; service providers must pass customer details to tax authorities, and HMRC will begin receiving data in 2027. Providers that fail to comply face fines of up to £300 per user. Treasury financial secretary James Murray said crypto gains are taxable just like other gains. The Treasury also plans to defer capital gains tax on DeFi lending and liquidity pool deposits until the assets are disposed of. For the 2025-26 tax year, gains above the allowance must be reported by January 31, 2027, according to Decrypt.
Just 240 people accounted for more than half of all crypto-asset capital gains declared to HM Revenue & Customs (HMRC) in the 2024-25 tax year, according to Decrypt.
Each of those individuals reported gains above £1 million on crypto assets, and their combined declarations came to £717 million.
HMRC's figures cover 17,600 filers in total. Their combined crypto capital gains reached £1.38 billion, and total disposal proceeds hit £13.8 billion. Among those filers, 65% declared gains below £25,000. That group contributed only 7% of the total gains and 8% of the disposal proceeds.
Age and gender split
By age, 54% of crypto taxpayers are between 25 and 44, and 81% are 54 or under. Men make up 87% of taxpayers and account for 93% of the declared gains.
Reporting rules and enforcement
The UK is moving forward with the OECD's framework for reporting crypto assets. Trading service providers are required to hand over client information to the tax authority, and HMRC will start receiving that data in 2027. Non-compliant service providers face a fine of up to £300 per user.
Treasury financial secretary James Murray said crypto-asset capital gains are taxable in the same way as other capital gains. The Treasury also plans to defer the capital gains tax on DeFi lending and on assets deposited into liquidity pools until the assets are actually disposed of.
For the 2025-26 tax year, gains above the tax-free allowance must be reported by January 31, 2027.
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