The UK's HM Revenue & Customs has released its first crypto-specific Capital Gains Tax figures, revealing that 17,600 individuals reported £1.38 billion in gains during the 2024 to 2025 tax year. The data marks a significant moment for tax authorities tracking cryptoasset activity in Britain.
The figures show stark concentration at the top of the earnings distribution. Just 240 investors, each reporting more than £1 million in gains, accounted for £717 million—more than half of all declared gains. The remaining 17,360 taxpayers split the other £661 million.
During the same period, these 17,600 taxpayers reported £13.8 billion in total cryptoasset disposal proceeds. The data comes from a dedicated crypto section added to Self Assessment returns and captures only declared Capital Gains Tax-liable disposals, meaning it cannot show how much activity went unreported.
New Reporting Framework Coming in 2027
HMRC's dataset will soon be complemented by a second source of information. The UK is implementing the OECD's Cryptoasset Reporting Framework, which requires crypto businesses to collect customer and transaction information. Providers began this collection in January 2026, and HMRC expects to receive provider reports starting in 2027.
This dual-reporting approach will allow tax authorities to cross-reference what investors declare against what crypto platforms record, increasing the ability to identify discrepancies. However, existing tax obligations remain unchanged—investors with reportable gains for the 2025 to 2026 tax year must file Self Assessment returns and pay taxes by January 31, 2027.
Broader Tax Impact
HMRC reported separately that its crypto compliance and education work generated £168 million in additional Capital Gains Tax during 2024 to 2025. The capital gains figures exclude other crypto-related tax liabilities such as income from employment, mining, staking, and lending, which fall under Income Tax rules instead.
