About 17,600 people in the UK reported a combined $1.9 billion in gains tied to cryptocurrency during the 2024-2025 tax year, according to data released by HM Revenue and Customs. Among these, 240 individuals each declared more than $1.4 million in capital gains from digital assets.
The 240 highest earners reported approximately $975 million combined from cryptocurrency capital gains. The tax authority also recorded $18.7 billion in total disposal value from selling or trading digital assets during the same period.
James Murray, Financial Secretary to the UK Treasury and Paymaster General, said that "taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe."
The disclosure comes as the UK implements enhanced tax reporting requirements for cryptocurrency. Under the Organization for Economic Co-operation and Development's Crypto-Asset Reporting Framework, crypto asset service providers will be required to report data on crypto gains and losses. Onchain crypto activity expected to be taxable totaled $457 billion globally in 2025 under this framework.
The enforcement effort extends beyond reporting requirements. The UK tax authority reportedly sent more than 81,000 letters to individuals suspected of underpaying taxes as part of a targeted campaign on crypto investors.
