The UK government has published its first official statistics on taxable crypto-asset gains, laying out how reported profits were distributed in the 2024-25 tax year. According to the figures, 240 people each reported capital gains of more than £1 million, with their combined declarations reaching £717 million. That total accounted for more than half of the £1.38 billion in taxable gains reported by 17,600 people overall.
HM Revenue & Customs said those 17,600 taxpayers reported £13.8 billion in proceeds from crypto-asset disposals and £1.38 billion in taxable gains, or about £78,000 per person on average. Around 87% of filers were male and 13% were female. HMRC also said that selling, exchanging, spending tokens, or giving assets to another person can trigger tax obligations.
The agency said it sent 81,000 crypto tax letters over the past 12 months, up 25% from about 65,000 and close to the 27,714 letters recorded in the 2023-24 tax year. Treasury minister James Murray said crypto-asset gains must be taxed in the same way as other gains. The UK also plans to change the tax treatment of some DeFi transactions from April 6, 2027, with lending and liquidity pool transactions generally deferring capital gains tax before an economic disposal occurs. HMRC estimates its crypto tax compliance and education work generated an additional £168 million in capital gains tax in 2024-25.
The UK government has released its first official statistics on taxable crypto-asset gains. In the 2024-25 tax year, 240 people each reported capital gains of more than £1 million, for a combined £717 million. That was more than half of the £1.38 billion in taxable gains reported by 17,600 people in total.
HM Revenue & Customs (HMRC) said 17,600 people reported £13.8 billion in proceeds from crypto-asset disposals and £1.38 billion in taxable gains, which works out to about £78,000 per person on average. About 87% of those reporting were male, while 13% were female.
HMRC said tax obligations can be triggered by selling, exchanging, spending tokens, or giving assets to another person.
On enforcement and taxpayer outreach, HMRC sent 81,000 crypto tax letters over the past 12 months, up 25% from about 65,000, and close to the 27,714 letters recorded in the 2023-24 tax year.
James Murray, Exchequer Secretary to the Treasury and Master of the Mint, said gains from crypto assets must be taxed in the same way as other gains.
The UK plans to adjust the tax treatment of some DeFi transactions from April 6, 2027. Under the planned change, related lending and liquidity pool transactions would generally defer capital gains tax until an economic disposal takes place. The government expects the move to affect about 700,000 people.
HMRC estimates that its crypto tax compliance and education activity brought in an additional £168 million in capital gains tax in 2024-25.
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