LONDON (dpa-AFX) - A total of 240 people have declared more than £1 million in capital gains from cryptoassets in the 2024-2025 tax year in the UK, new government data reveals.
They together reported a total of £717 million in cryptoasset gains, according to the first official statistics on taxable cryptoasset gains, published by HM Revenue and Customs.
In the 2024 to 2025 tax year, there were 17,600 individuals making Capital Gains Tax-liable disposals of cryptoassets such as Bitcoin, Ethereum and Dogecoin. Collectively, these taxpayers reported total cryptoasset disposal proceeds of £13.8 billion and gains of £1.38 billion. The data also shows that around 87 percent of individuals reporting cryptoasset gains were male.
From January this year, the UK began implementing the Cryptoasset Reporting Framework, an international standard developed by the Organisation for Economic Co-operation and Development.
Under CARF, cryptoasset service providers will be required to report customer information to tax authorities. HMRC will receive data from 2027, helping to identify cryptoasset gains and income that have not been declared.
Service providers that fail to comply may face penalties of up to £300 per user.
Cryptoasset transactions can trigger tax obligations. Capital Gains Tax may apply when an individual disposes of cryptoassets, such as selling or exchanging them for a different type of cryptoasset, while Income Tax and National Insurance may apply to cryptoassets received through employment, self-employment, mining, staking or lending.
As per UK rules, anyone having cryptoassets are required to declare any income or gains for the 2025 to 2026 tax year above the tax-free allowance, and pay any tax owed, on their Self Assessment tax return by the deadline of 2027 January 31.
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