HMRC Sees 240 Britons With More Than £1 Million in Crypto Gains
HMRC is now breaking out crypto filings separately and preparing for CARF reporting. Starting in 2027, the UK tax authority will get data from providers to check tax returns.
Key Takeaways
- HMRC said 240 Britons reported more than £1 million in crypto capital gains in tax year 2024-25, worth £717 million in total.
- In total, 17,600 people reported crypto disposals; total taxable gains from digital assets came to £1.38 billion.
- HMRC is rolling out the Cryptoasset Reporting Framework and expects to receive data from crypto service providers in 2027.
HM Revenue and Customs has, for the first time, shown how large crypto gains have become in British tax returns. In tax year 2024-25, 240 people reported more than £1 million in crypto capital gains, worth £717 million in total.
More Filings Thanks to New Rules
HMRC said 17,600 people reported crypto disposals in their personal tax return for the year ending April 5, 2025. Nearly 90% of them were men. Total taxable gains from digital assets came to £1.38 billion, or an average of £78,000 per person.
These are the first figures showing crypto capital gains separately. That ties in with the introduction of a separate section in the UK self-assessment tax return. For British crypto investors, that makes the tax process more visible than before.
CARF Puts Pressure on Reporting
HMRC has also started rolling out the Cryptoasset Reporting Framework, an OECD standard that requires crypto service providers to send customer data to tax authorities. Under the current plan, HMRC will receive that data in 2027, so reported information can be compared with taxpayers' records.
The UK government has been expanding crypto reporting for some time to improve tax compliance. Under UK crypto rules, the regulatory perimeter has also been widened further for crypto assets, with new rules for crypto exchanges and stablecoins in development. For tax purposes, HMRC treats cryptoassets as property, which means capital gains tax and income tax can apply.
Why This Matters for Crypto
For European crypto readers, this shows that tax authorities are getting a tighter grip on transactions that run through platforms. The UK approach could also matter for providers serving customers in multiple countries, because reporting rules are starting to look more alike from one country to the next. For users, it mainly means that keeping records of buys, sells, and swaps is becoming more important.
