The UK tax authority reported that 240 individuals declared capital gains from digital assets exceeding £1 million ($1.4 million) in the previous tax year.
According to data from HM Revenue and Customs published on Thursday, these 240 individuals reported a combined cryptocurrency-related capital gain of approximately $975 million for the 2024–2025 tax year; each declared an amount over $1.4 million. This data includes information on 17,600 individuals who reported income from digital assets during the same period, totaling $1.9 billion, as well as asset "realizations" amounting to $18.7 billion from sales or trading.
"Tax is due on gains from cryptoassets just as it is on other gains, and we want to ensure people profiting from crypto are aware of the tax they need to pay," said James Murray, Financial Secretary to the UK Treasury and Paymaster General.
Under the OECD's Crypto-Asset Reporting Framework (CARF), the volume of on-chain crypto activity expected to be taxable was $457 billion globally in 2025. The UK will require crypto-asset service providers to report data on crypto trading gains and losses under this framework; otherwise, taxpayers might not declare them.
This data emerged after the UK authority reportedly sent more than 81,000 letters to individuals suspected of underreporting their tax liabilities as part of efforts targeting cryptocurrency investors.
Related read: Bank of England Poised to Get New Innovation Mandate Covering Stablecoins
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