Latest annual UK tax data shows 240 people reported more than £1 million in crypto capital gains
HMRC data shows 240 people reported more than £1 million ($1.36 million) each in crypto gains as UK tax scrutiny intensifies.
The UK's tax authority, HM Revenue and Customs, reported on Thursday that 240 individuals declared more than £1 million each in cryptocurrency capital gains during the 2024-25 tax year. In total, 17,600 taxpayers disclosed taxable crypto asset capital gains, generating £13.8 billion in disposal proceeds and £1.38 billion in overall gains.
The 2024-25 tax year marked the initial implementation of a dedicated section for crypto capital gains on Self Assessment tax returns, previously reported under the broader capital gains category. The average gain per person was £78,000, with the wealthy minority contributing £717 million to the total. HMRC sent 81,000 "nudge" letters to crypto investors suspected of underpaying taxes, a 25% increase from the previous year's 65,000.
The firm anticipates a surge in crypto trader investigations as HMRC receives additional data from overseas crypto businesses under new international reporting rules.
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