Reform UK has proposed reducing capital gains tax rates for crypto investors to 10% across the board, down from the current 18% for basic-rate payers and 24% for high-rate payers, according to reporting by The Independent.
HMRC data from 2025 showed that UK crypto investors generated £1.38 billion in capital asset gains. Of this total, £717 million came from just 240 investors earning over £1 million annually. The Independent calculated that Reform's proposed tax cuts would save these 240 high-earning investors over £100 million per year, or approximately five times that amount over a five-year parliamentary term.
The tax cut proposal emerged days after Reform received £72 million in donations from two crypto industry figures: Christopher Harborne, a Tether shareholder, and Ben Delo, a former BitMEX executive. Each donated £36 million to the party. Harborne's total contributions to Reform now reach £61 million, separate from a £5 million gift to party leader Nigel Farage that prompted an investigation by the UK's Parliamentary Standards Commissioner.
Two tax experts told The Independent the proposed cuts could negatively impact the UK economy. Byline Times also reported that the donations may breach the government's overseas donor caps.
Reform previously published a crypto manifesto but removed it from its website in July amid the Harborne scandal. When The Sunday Times requested comment on the recent donations, Reform provided the story to The Telegraph, which published a more sympathetic headline ahead of The Sunday Times' coverage. The party similarly shared The Guardian's reporting on Harborne's £5 million gift with The Telegraph after being approached for comment.
