The UK’s tax authority reported that 17,600 individuals declared a combined $1.9 billion in capital gains from cryptocurrency during the 2024-25 tax year, including 240 people each reporting gains exceeding $1.4 million.
HM Revenue and Customs released the figures on Thursday, indicating that the 240 highest-gain filers accounted for approximately $975 million in declared crypto capital gains. The broader group of 17,600 filers also reported $18.7 billion in asset disposals through sales or trading activity.
The data reflects the UK’s expanding focus on digital asset taxation, with authorities emphasizing compliance under existing tax rules. James Murray, Financial Secretary to the Treasury and Paymaster General, stated that crypto gains are taxable in the same manner as other asset gains, urging investors to meet their obligations.
Under the OECD’s Crypto-Asset Reporting Framework, the UK will require crypto service providers to report on-chain activity that may not have been captured in individual filings. The framework targets an estimated $457 billion in global crypto-related taxable activity for 2025.
HMRC has intensified enforcement, sending more than 81,000 letters to individuals suspected of underreporting crypto gains. The tax authority’s efforts align with broader international efforts to standardize digital asset tax reporting.
