UK: 240 Taxpayers Reported Over £1M Each in Crypto Gains in FY2025

HM Revenue and Customs (HMRC) released its first standalone statistics on cryptoasset capital gains in August 2026, covering the tax year from April 6, 2024, to April 5, 2025. The data shows 240 individuals each declared more than £1 million in gains from crypto disposals, with that group reporting a combined £717 million. Across the full dataset, 17,600 taxpayers reported taxable crypto gains totaling £1.38 billion, implying an average gain of about £78,000 per person. Total disposal proceeds for the year were £13.8 billion. The 240 top earners accounted for 1.4% of all taxpayers who reported any crypto gain, yet their £717 million represented roughly half of the overall £1.38 billion total. HMRC was able to isolate these figures after adding a dedicated crypto section to Self Assessment returns, separating digital-asset activity from broader capital gains reporting. For comparison, UK capital gains tax (CGT) receipts across all asset classes reached £24.2 billion over the period, up 89% year on year. HMRC also stepped up enforcement activity. In 2025/26, it sent more than 81,000 warning letters to taxpayers suspected of underreporting or omitting crypto gains, nearly triple the number issued the previous year. The letters relate to unpaid liabilities spanning the 2022 to 2025 market cycle. Looking ahead, a major international compliance framework is expected to take effect in 2027, when automatic reporting by crypto platforms in participating jurisdictions is scheduled to begin. Under the regime, exchanges will be required to provide user transaction data directly to tax authorities in the user's home country. HMRC notes that voluntary disclosure ahead of automatic reporting typically leads to lower penalties than disclosures made after enforcement action.