240 Crypto Millionaires Booked Over Half of Britain's Taxable Crypto Gains

In brief

• HMRC said 240 people each declared more than £1 million in cryptoasset capital gains in the 2024-25 tax year, £717 million between them.
• Across all 17,600 individuals reporting crypto disposals, taxable gains came to £1.38 billion on £13.8 billion of proceeds.
• Exchanges must begin reporting customer data to the tax authority from 2027 under a new OECD framework.

Britain's crypto gains are concentrated in very few hands, according to the first official figures HMRC has published on the sector.

Some 240 people declared more than £1 million each in cryptoasset capital gains during the 2024-25 tax year, the tax authority said Thursday, reporting £717 million between them. That group is fewer than 2% of the 17,600 individuals who declared crypto disposals, yet HMRC's statistical commentary credits it with over half of both the £1.38 billion in gains and the £13.8 billion in disposal proceeds.

At the other end, 65% of crypto taxpayers reported gains under £25,000. Between them they accounted for 7% of gains and 8% of proceeds.

The figures appear for the first time because the Self Assessment return now carries a dedicated section for cryptoasset disposals, which were previously lumped in with other property and assets.