HM Revenue & Customs has published its first separate breakdown of cryptocurrency capital gains, showing that 17,600 UK taxpayers declared £1.38 billion in taxable profits for the 2024–25 tax year. The data, released on August 27, covers the year ended April 5, 2025 and represents proceeds from £13.8 billion in cryptoasset disposals, with an average declared gain of about £78,000 per person.
According to HMRC, 240 individuals reported crypto capital gains above £1 million each, collectively accounting for £717 million of the total declared gains. Nearly 90% of those reporting were men. This is the first time the authority has separated crypto gains in self-assessment returns, providing a clearer baseline for declared digital-asset profits. HMRC also said compliance and education work produced an additional £168 million in capital gains tax during 2024–25, though it did not specify how much came from crypto cases.
From January 2026, the UK will implement the OECD’s Crypto-Asset Reporting Framework, and HMRC expects to receive platform customer data from 2027. The rules require crypto service providers to collect and share customer information, with potential penalties of up to £300 per user for platforms that fail to report. This will give HMRC new tools to compare platform records against individual tax disclosures, while taxpayers with unreported gains can still use the Crypto Disclosure Service to correct their affairs.
