UK crypto gains hit £1.38B as 240 investors report over £1M each

HM Revenue and Customs has recorded 240 UK taxpayers with more than £1 million ($1.36 million) each in crypto capital gains during the 2024-25 tax year, as the agency prepares to receive more investor data from exchanges under international reporting rules. Summary HMRC recorded 17,600 taxpayers with taxable crypto gains in 2024-25, with total reported gains reaching £1.38 billion. A group of 240 investors reported more than £1 million in crypto gains each and accounted for £717 million of the total. HMRC sent about 81,000 warning letters to crypto investors suspected of underpaying taxes over the past year, according to UHY Hacker Young. HMRC is expected to begin receiving crypto customer data under international reporting rules in 2027, giving the agency more information to identify undeclared gains. According to HMRC statistics published on Aug. 27, 17,600 individuals reported crypto disposals subject to Capital Gains Tax during the period, generating £13.8 billion ($18.76 billion) in disposal proceeds and £1.38 billion ($1.87 billion) in gains. The 240 taxpayers at the top of the group accounted for £717 million ($974 million) of the gains reported to the agency. Across all ind...