240 Crypto Millionaires Booked Over Half of Britain's Taxable Crypto Gains
In briefHMRC said 240 people each declared more than £1 million in cryptoasset capital gains in the 2024-25 tax year, £717 million between them.Across all 17,600 individuals reporting crypto disposals, taxable gains came to £1.38 billion on £13.8 billion of proceeds.Exchanges must begin reporting customer data to the tax authority from 2027 under a new OECD framework. Britains crypto gains are concentrated in very few hands, according to the first official figures HMRC has published on the sector. Some 240 people declared more than £1 million each in cryptoasset capital gains during the 2024-25 tax year, the tax authority said Thursday, reporting £717 million between them. That group is fewer than 2% of the 17,600 individuals who declared crypto disposals, yet HMRCs statistical commentary credits it with over half of both the £1.38 billion in gains and the £13.8 billion in disposal proceeds. Taxes are due on cryptoasset gains just like any other gains. ???? Through our targeted work on cryptoassets, including clear guidance and social media outreach, we helped taxpayers better understand their obligations which resulted in an additional £168 million of Capital Gains… At the other end, 65% of crypto taxpayers reported gains under £25,000. Between them they accounted for 7% of gains









