Britain's tax authority, HMRC, has published new data on crypto asset capital gains for the 2024/25 tax year. A total of 240 individuals each reported gains exceeding £1 million, for a combined £717 million — more than half of the £1.38 billion declared by all 17,600 filers. Those filers also recorded £13.8 billion in disposal proceeds. The distribution was highly unequal: 65% of taxpayers had gains below £25,000, but they accounted for just 7% of total gains and 8% of proceeds. The profile of crypto taxpayers skews young and male: 54% were aged 25 to 44, 81% were 54 or under, and men made up 87% of filers while contributing 93% of gains. On compliance, the UK is moving toward the OECD Crypto-Asset Reporting Framework, under which trading service providers must share client data with HMRC from 2027, and non-compliant providers face fines of up to £300 per user. Financial Secretary James Murray stressed that crypto gains are taxable like any other capital gain. Separately, the Treasury plans to defer capital gains tax on DeFi lending and liquidity pool deposits until the underlying assets are actually sold. Gains above the allowance for the 2025/26 tax year must be reported by 31 January 2027.
HM Revenue & Customs (HMRC) has released figures for the 2024/25 tax year showing that 240 individuals each declared crypto asset capital gains exceeding £1 million. Combined, those gains reached £717 million, more than half of the £1.38 billion total declared by all 17,600 taxpayers. The same filers also reported £13.8 billion in total disposal proceeds.
The data points to a heavily skewed distribution. Taxpayers with gains below £25,000 made up 65% of filers, yet contributed only 7% of total gains and 8% of disposal proceeds. At the other end, a small group of high-gain filers accounted for the bulk of declared liability.
Demographics also stand out. Among crypto asset taxpayers, 54% were aged 25 to 44, and 81% were 54 or younger. Men represented 87% of filers and generated 93% of the gains.
On the regulatory front, the UK is aligning with the OECD's Crypto-Asset Reporting Framework. Trading service providers will be required to pass client information to the tax authority, with HMRC beginning to receive this data in 2027. Providers that fail to comply face fines of up to £300 per user.
Treasury officials have also clarified the tax treatment. Financial Secretary to the Treasury James Murray said crypto capital gains are subject to tax in the same way as other capital gains. The Treasury plans to defer capital gains tax on DeFi lending and tokens deposited into liquidity pools until the assets are actually disposed of. For the 2025/26 tax year, gains above the allowance must be reported by 31 January 2027.
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