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. In the 2024-25 tax year, 240 individuals each declared capital gains exceeding £1 million, with a combined total of £717 million, accounting for more than half of the £1.38 billion declared by 17,600 people in total.

According to HM Revenue and Customs (HMRC), 17,600 people declared £13.8 billion in proceeds from crypto asset disposals, with taxable gains of £1.38 billion, averaging approximately £78,000 per person. Of these, about 87% were male and 13% were female. Selling, exchanging, spending tokens, or gifting assets to others may all trigger tax obligations.

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

The UK plans to adjust the tax treatment of certain DeFi transactions starting April 6, 2027. Relevant lending and liquidity pool transactions would generally defer capital gains tax until an economic disposal occurs, with an estimated impact on around 700,000 people. HMRC estimates that its crypto tax compliance and education efforts have brought in an additional £168 million in capital gains tax in 2024-25. (Bitcoin.com News)