CryptoSlate
HMRC disclosed £1.38 billion in reported UK crypto Capital Gains Tax for the 2024-2025 tax year, with 240 taxpayers who each reported over £1 million in gains accounting for £717 million of that total. The data covers 17,600 individuals who declared £13.8 billion in disposal proceeds, the first crypto-specific CGT baseline published by the agency.
Why it matters
This baseline arrives just before the OECD's Cryptoasset Reporting Framework (CARF) flips on. UK crypto businesses began collecting customer and transaction data in January 2026, and HMRC expects to start receiving provider reports in 2027, giving the agency a second, independent dataset to cross-check against taxpayer Self Assessments.
The 240-millionaire concentration is the structural story. The CGT burden on UK crypto is overwhelmingly a top-of-distribution problem, with a few hundred high-disposal filers driving the bulk of declared gains. That gives HMRC an obvious audit-target list as third-party reporting arrives.
Market impact
For UK-based crypto traders, the practical clock has already started. Anyone with reportable gains or income for the 2025-2026 tax year must file and pay by Jan. 31, 2027, under existing rules, not the new CARF regime. HMRC separately estimates its crypto compliance and education work pulled in £168 million of additional CGT during 2024-2025, a figure that should climb sharply once platform-side reporting flows.
The figures also leave the Income Tax side uncounted. Mining, staking, lending, and employment-based crypto income fall under separate rules and are not in the £1.38 billion, which means the headline understates total crypto-related tax exposure on HMRC's books.
Frequently asked questions
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What did HMRC publish about UK crypto Capital Gains Tax?
HMRC disclosed £1.38 billion in reported UK crypto gains across the 2024-2025 tax year, the first crypto-specific CGT baseline the agency has published. It covers 17,600 individuals who declared £13.8 billion in disposal proceeds.
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Who are the 240 top crypto gainers in the HMRC data?
They are the subset of UK filers who each reported more than £1 million in crypto gains for 2024-2025. Together they accounted for £717 million of the £1.38 billion total declared CGT.
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What is the OECD's Cryptoasset Reporting Framework and when does it hit the UK?
CARF is the OECD's standardised template for crypto platforms to share customer and transaction data with tax authorities. UK crypto businesses began collecting under CARF in January 2026, and HMRC expects to start receiving provider reports in 2027.
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When is the UK crypto tax filing deadline for the 2025-2026 tax year?
UK crypto owners with reportable gains or income for 2025-2026 must file their Self Assessment return and pay tax due by Jan. 31, 2027. The CARF timetable does not delay existing tax obligations.
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Does HMRC's £1.38 billion crypto figure include income from staking and mining?
No. The CGT figure only covers declared Capital Gains Tax-liable disposals. Income from mining, staking, lending, and employment-based crypto falls under Income Tax rules and is reported separately.
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