Key Highlights
- 17,600 British taxpayers disclosed cryptocurrency capital gains during the 2024-25 fiscal period
- Total disposal proceeds reached £13.8 billion, generating £1.38 billion in taxable gains
- 240 high-wealth individuals each reported gains exceeding £1 million, representing 52% of all declared gains
- Male taxpayers comprised 87% of crypto gain declarations, while females accounted for 13%
- Upcoming CARF regulations will mandate crypto platforms to share transaction information with HMRC starting in 2027
For the first time, HM Revenue and Customs has released comprehensive statistics detailing cryptocurrency capital gains declared by British taxpayers throughout the 2024-25 tax period.
According to the published figures, 17,600 people filed crypto disposals subject to Capital Gains Tax regulations. The aggregate disposal value totaled £13.8 billion, resulting in £1.38 billion worth of declared taxable gains.
Wealth Concentration Among Elite Crypto Holders
The distribution of declared gains revealed significant concentration among the wealthiest investors. A mere 240 taxpayers individually reported cryptocurrency capital gains exceeding £1 million throughout the year.
This exclusive cohort collectively declared £717 million in gains, representing approximately 52% of the overall £1.38 billion total. These 240 individuals each exceeded the £1 million threshold, equivalent to roughly $1.4 million per person.
Demographic analysis showed a pronounced gender disparity. Approximately 87% of those declaring crypto gains were male, compared to just 13% female.
HMRC implemented a specialized cryptoasset category within its Self Assessment framework to gather this information. The statistics exclusively reflect gains voluntarily disclosed via tax filings.
Crypto disposals encompassed in this data include converting cryptocurrency to fiat currency, exchanging one digital asset for another, utilizing crypto for purchasing goods or services, and specific transfer types. Earnings from mining operations or staking rewards may be classified under Income Tax regulations instead of Capital Gains Tax, meaning these figures don’t capture all cryptocurrency-related revenue.
Upcoming CARF Compliance Framework
This disclosure coincides with the implementation phase of the United Kingdom’s Cryptoasset Reporting Framework.
Cryptocurrency service providers began their CARF documentation obligations on January 1, 2026. Initial submissions covering 2026 transactions must be filed between January and May 2027.
The framework mandates that service providers gather customer details and transactional information for submission to HMRC. Non-compliant providers face financial penalties reaching £300 per individual user.
This system will furnish HMRC with an additional verification layer for cross-referencing against taxpayer-reported information.
HMRC distributed over 81,000 notification letters to individuals believed to have underpaid cryptocurrency taxes. The tax authority reported that its comprehensive crypto enforcement initiatives yielded an additional £168 million in Capital Gains Tax collections throughout 2024-25.
On a worldwide scale, a Chainalysis projection released August 26 estimated potentially taxable blockchain-based cryptocurrency transactions at $457 billion globally during 2025. The United States represented approximately $112.6 billion of this amount.
The January 31, 2027 filing deadline pertains to cryptocurrency income and capital gains from the 2025-26 tax year. HMRC maintains a Crypto Disclosure Service for individuals seeking to voluntarily disclose previously unreported cryptocurrency tax obligations.
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