The United Kingdoms tax reporting agency said that 240 people claimed more than 1 million British pounds ($1.4 million) in capital gains from digital assets in the previous tax year.
According to data from HM Revenue and Customs released on Thursday, 240 people reported about $975 million combined from capital gains tied to cryptocurrency in the 2024 to 2025 tax year, with each reporting more than $1.4 million. This data included 17,600 individuals who reported digital asset gains over the same period, amounting to $1.9 billion, and $18.7 billion in “disposal” from selling or trading assets.
“Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe,” said James Murray, Financial Secretary to the UK Treasury and Paymaster General.
Under the Organization for Economic Co-operation and Development‘s (OECD’s) Crypto-Asset Reporting Framework, onchain crypto activity expected to be taxable totaled $457 billion globally in 2025. The UK will require crypto asset service providers to report data on crypto gains and losses under the framework that might not have otherwise been declared by taxpayers.
The data came after the UK agency reportedly sent more than 81,000 letters to individuals suspected of underpaying taxes as part of efforts targeting crypto investors.
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