HM Revenue and Customs said 240 people in the United Kingdom reported more than 1 million British pounds each in capital gains from digital assets in the 2024 to 2025 tax year.
Data released on Thursday showed those 240 individuals reported roughly $975 million in combined capital gains tied to cryptocurrency, with each declaring more than $1.4 million.
The same dataset also showed that 17,600 individuals reported digital asset gains during the period, totaling $1.9 billion. HMRC listed $18.7 billion in disposals linked to selling or trading those assets.
HMRC data points to a small group with outsized gains
The agency said the figures cover the previous tax year. Out of all individuals who reported digital asset gains, 240 each declared capital gains above 1 million pounds.
James Murray, Financial Secretary to the UK Treasury and Paymaster General, said: 「Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe,」 according to the HMRC release.
UK preparing reporting rules under OECD framework
Under the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, onchain crypto activity expected to be taxable totaled $457 billion globally in 2025.
The UK plans to require crypto asset service providers to report data on users’ crypto gains and losses under that framework, including information that may not otherwise have been declared by taxpayers.
Disclosure push follows letters sent over suspected underpayment
The figures came after the UK tax agency was reported to have sent more than 81,000 letters to individuals suspected of underpaying taxes as part of an effort targeting crypto investors.
Cointelegraph also noted in a related item that the Bank of England is set for a new innovation mandate covering stablecoins.