Reform to hand crypto investors hundreds of millions in tax breaks

Reform UK’s tax plans would hand wealthy crypto investors hundreds of millions in tax breaks if Nigel Farage wins the next election, The Independent can reveal.

British politics has been rocked by two gifts totalling £72m given to the party by crypto billionaires Christopher Harborne and Ben Delo, who last week handed over £36m each.

The donations have prompted major questions over what the donors want in return for their cash, but Reform insists the pledges are entirely legal and the men are patriots who want nothing but to support the party to get ready to govern.

Now, a new analysis of HMRC data by the Labour Party shows that capital gains tax breaks promised by Reform to crypto investors would be worth more than £100m a year, based on investments in 2025 alone.

And that could go much higher if investing in crypto is incentivised – presenting a huge incentive for investors to back the party.

Two leading tax experts told The Independent there is “no justification” for tax relief on the sector and warned it could harm the economy if implemented.

Economist Paul Johnson, a former director of the highly respected Institute of Fiscal Studies (IFS), said: “There is quite clearly no feasible economic rationale for treating crypto more leniently than other economically productive assets.”