Britain’s tax authority has revealed a sharp picture of crypto wealth, with 17,600 taxpayers reporting taxable cryptocurrency gains totaling £1.38 billion during the 2024-25 tax year.
The figures mark the first time HM Revenue & Customs has separately published crypto capital gains data. The disclosure follows the introduction of a dedicated cryptoasset section in Self Assessment tax returns.
Million-Pound Gains Lead the Charge
Among the taxpayers, 240 individuals reported more than £1 million in crypto capital gains. Together, this group accounted for £717 million of the total gains.
That means the top 240 taxpayers generated more than half of all reported crypto gains for the year. The average gain across all 17,600 taxpayers stood at about £78,000.
Taxpayers also reported £13.8 billion in proceeds from cryptoasset disposals. HMRC counts several transactions as disposals, including selling crypto, swapping one digital asset for another, and using crypto to buy goods or services.
The data covers assets including Bitcoin, Ethereum and Dogecoin.
Tax Enforcement Set to Intensify
The new figures arrive as HMRC expands its ability to track crypto activity. The agency said crypto investors should report taxable gains above the applicable tax-free allowance.
HMRC also said its compliance and education work generated an estimated additional £168 million in Capital Gains Tax during 2024-25.
Furthermore, international crypto reporting rules are set to give the tax authority more information. Under the Cryptoasset Reporting Framework, service providers will report customer information to tax authorities, with HMRC expected to start receiving the data in 2027.
The demographic data also highlights the profile of reported crypto investors. Around 87% were men, while 13% were women.
The latest figures suggest that large crypto gains have become a meaningful part of Britain’s capital gains tax landscape. They also signal a more closely monitored environment for digital asset investors as tax authorities gain access to broader transaction data.
