More than 200 individuals in the United Kingdom reported capital gains exceeding £1 million from cryptocurrency assets in the 2024/25 tax year, according to newly published data from HM Revenue and Customs (HMRC). The total taxable gains from crypto assets in the period amounted to £1.38 billion, shared among approximately 17,600 taxpayers. Of these, 240 investors accounted for £717 million in gains.
The average gain per person across all reported cases was about £78,000. Bitcoin, which represents around half of the crypto market, experienced a notable price increase during this period. After trading below $50,000 early in 2024, Bitcoin’s value surged past $100,000 following Donald Trump’s re-election, peaking at $126,198 in October 2025 before moderating to over $80,000 recently.
HMRC data revealed demographic trends among crypto investors, showing that 87 percent of those reporting gains were male, and 54 percent were aged between 25 and 44. This contrasts with taxpayers reporting capital gains on other asset types, where only 17 percent fell into that age group.
Officials emphasized that taxes on profits from cryptocurrencies are treated like those on other capital assets. James Murray, Financial Secretary to the Treasury, reiterated that individuals must ensure compliance with tax obligations related to crypto gains.
Despite the reported figures, some experts caution that many crypto gains may remain undeclared. Phil Kinzett-Evans, a partner at the accountancy firm UHY Hacker Young, described the gains as "remarkable" but noted that HMRC suspects significant levels of tax evasion within the sector. HMRC’s efforts to identify undeclared gains include the issuance of tens of thousands of warning letters to potential underreporters. According to UHY Hacker Young, the tax authority sent 81,000 such letters in the year to April 2025, marking a 25 percent increase from the previous year.
Looking ahead, HMRC is set to benefit from new international rules developed by the Organisation for Economic Co-operation and Development (OECD) that require cryptocurrency operators worldwide to share customer information with tax authorities. John-Paul Marks, HMRC’s chief executive, highlighted the importance of these rules in improving tax compliance, stating it is vital for taxpayers to verify they have paid any due taxes.
Neela Chauhan, also from UHY Hacker Young, suggested that once HMRC gains access to this enhanced data, investigating cryptocurrency tax cases will become significantly more straightforward. The combination of increased scrutiny and new reporting standards is expected to tighten oversight of the UK’s growing crypto asset market.