UK HMRC: 240 taxpayers declared more than £1m in crypto gains
AI Market Summary
UK HMRC's separate disclosure of crypto gains and rollout of the OECD CryptoAsset Reporting Framework signals tighter tax transparency and future third-party data matching from 2027. The scale of reported taxable disposals and additional capital gains tax collected through compliance efforts underscores rising enforcement intensity. Near term, this increases regulatory and after-tax uncertainty for UK-linked crypto participants, potentially dampening risk appetite and trading activity.
Impact level
● Medium
Affected assets
BTC/USDT+2.24%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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UK tax authority HM Revenue & Customs (HMRC) has, for the first time, broken out cryptocurrency gains separately in individual income tax reporting. In the 2024–25 tax year, 240 taxpayers declared crypto capital gains above £1 million (about $1.36 million). HMRC also said 17,600 individuals reported taxable disposals of crypto assets worth £1.38 billion (around $1.87 billion), an average of roughly £78,000 each; nearly 90% of those filers were men.
HMRC said it has begun rolling out the OECD's CryptoAsset Reporting Framework, which will require crypto service providers to share customer data with tax authorities. The agency expects to start receiving data from 2027, enabling cross-checks against taxpayers' filings.
Separately, HMRC reported it collected an additional £168 million (about $228.2 million) in capital gains tax in 2024–25 through compliance and taxpayer education initiatives.
