The UK tax authority has published its first official statistics on cryptoasset capital gains, revealing a striking concentration of wealth at the top of the market. According to @HMRCgovuk,
The UK tax authority has published its first official statistics on cryptoasset capital gains, revealing a striking concentration of wealth at the top of the market. According to @HMRCgovuk, 240 people declared more than £1 million each in crypto gains during the 2024 to 2025 tax year, with that group alone accounting for £717 million in combined taxable gains.
Across all taxpayers, 17,600 individuals reported Capital Gains Tax-liable disposals of cryptoassets such as $BTC, Ethereum and Dogecoin. Collectively, they recorded £13.8 billion in disposal proceeds and £1.38 billion in net gains, an average of around £78,000 per person. The data forms part of HMRC's annual Capital Gains Tax statistics and is the first time the authority has broken out cryptoasset figures, following the introduction of a dedicated section for crypto in the UK Self Assessment return.
The gender split was marked: roughly 87% of those reporting cryptoasset gains were male and around 13% were female.
Financial Secretary to the Treasury James Murray was direct in his response to the figures, stating that taxes are due on cryptoasset gains just like any other gains. The release coincides with a broader push by HMRC to close what it views as a significant compliance gap in the crypto sector.
HMRC has already stepped up enforcement. In the past twelve months alone, the authority sent 81,000 warning letters to crypto investors over suspected unpaid tax, up 25% from roughly 65,000 the year before, according to figures obtained by accountancy group UHY Hacker Young via a Freedom of Information request.
Anyone with undeclared cryptoasset income or gains can use the Crypto Disclosure Service on GOV.UK to bring their affairs into order. Gains above the £3,000 tax-free allowance for the 2025 to 2026 tax year must be declared through Self Assessment by 31 January 2027.
The statistics arrive as a new global reporting regime moves closer to full implementation. From January 2026, the UK began collecting data under the Cryptoasset Reporting Framework (CARF), an international standard developed by the OECD. Under the framework, cryptoasset service providers are required to report customer transaction data and tax residency details to HMRC. The authority will start receiving and exchanging that data internationally from 2027, covering activity recorded in 2026.
The UK is among the first wave of 48 countries adopting CARF. Participating jurisdictions include all EU member states, Brazil, South Africa, the Cayman Islands and the Channel Islands. Providers that fail to comply face penalties of up to £300 per unreported user.
The combination of expanded domestic statistics and imminent cross-border data sharing represents a meaningful tightening of the net around undeclared crypto gains. As one tax expert put it, HMRC will soon know exactly who is making gains and how much.
Sources:HMRC: 240 crypto millionaires revealed in new government data (GOV.UK)HMRC: Domestic reporting under the Cryptoasset Reporting Framework (GOV.UK)HMRC sends 81,000 crypto tax warning letters as reporting expands (GNCrypto News)
