UK’s First Crypto Tax Report Shows 240 Individuals Declared £717 Million in Capital Gains

Odaily News – The UK government has released its first official statistics on taxable crypto asset gains, with 240 individuals each declaring capital gains exceeding £1 million in the 2024-25 tax year, totaling £717 million in declared gains—more than half of the £1.38 billion declared by 17,600 individuals overall.

HM Revenue & Customs (HMRC) stated that 17,600 individuals declared £13.8 billion from crypto asset disposals and £1.38 billion in taxable gains, averaging around £78,000 per person; approximately 87% were male and 13% were female. Selling, exchanging, spending tokens, or gifting assets to others may all trigger tax obligations.

HMRC issued 81,000 crypto tax letters over the past 12 months, a 25% increase from roughly 65,000 and approaching the 27,714 issued in the 2023-24 tax year. UK Treasury Financial Secretary and Paymaster General James Murray stated that crypto asset gains are subject to tax just like any other gains.

The UK plans to adjust tax treatment for certain DeFi transactions starting April 6, 2027, with related lending and liquidity pool transactions deferring capital gains tax until an economic disposal occurs, expected to affect approximately 700,000 people. HMRC estimates its crypto tax compliance and education campaigns have generated an additional £168 million in capital gains tax in the 2024-25 year. (Bitcoin.com News)