240 UK Investors Reported Over £1 Million in Crypto Gains as Tax Scrutiny Tightens

Millionaire crypto gainers emerge in first dedicated tax year

The UK's tax authority revealed that 240 individuals reported more than £1 million in crypto capital gains during the 2024-25 tax year. These profits came from selling digital assets like bitcoin, ether, and dogecoin, or swapping one cryptocurrency for another.

A total of 17,600 UK residents filed taxable crypto gains, reporting £13.8 billion in disposal proceeds and £1.38 billion in total gains. The average gain per person was £78,000.

What the numbers show

• 240 people reported over £1 million each in crypto gains
• £13.8 billion total disposal proceeds from crypto sales
• £1.38 billion in total gains reported across 17,600 individuals
• Millionaire-gainers accounted for £717 million of the total

HMRC expands its collection efforts

This data comes from the first tax year in which HM Revenue and Customs included a dedicated section for crypto capital gains on Self Assessment tax returns. Before this, crypto gains were reported within a broader capital gains section, making them harder to track separately.

HMRC has also increased its enforcement activities. The tax authority sent 81,000 warning letters to investors it suspected had underpaid taxes, up from 65,000 the previous year. These "nudge" letters give people a chance to come forward with unpaid taxes before a formal investigation begins.

Global reporting rules will tighten the net

The UK began implementing the OECD's Cryptoasset Reporting Framework in January 2026. Under this system, crypto exchanges in 52 jurisdictions are expected to start automatically sharing customer data with HMRC from May 31, 2027. Another 15 jurisdictions will follow in 2028.

Accountancy firm UHY Hacker Young expects investigations into crypto traders to increase significantly once HMRC receives this overseas data. Neela Chauhan, a partner at the firm, said: "Once HMRC has this data then tax investigations into cryptocurrency investors will be like shooting fish in a barrel."

Why this matters for UK crypto investors

Selling cryptocurrency, exchanging one cryptoasset for another, using crypto to pay for goods, and certain gifts can all trigger taxable events in the UK. Any taxpayer with crypto income or gains above the tax-free allowance must report them through Self Assessment.

For the current 2025-26 tax year, any tax due must be paid by January 31, 2027. The combination of a dedicated reporting section, increased warning letters, and upcoming international data-sharing means UK crypto investors face far more scrutiny than in previous years.

Investors should consult a qualified tax professional for their own circumstances.

What is confirmed and what remains unclear

Confirmed: HMRC officially released the 2024-25 tax data showing 240 million-gainers, 17,600 filers, £13.8 billion in proceeds, and £1.38 billion in gains. HMRC sent 81,000 nudge letters in the past year, up from 65,000 the year before. The UK started implementing the OECD Cryptoasset Reporting Framework in January 2026.

Unconfirmed: UHY Hacker Young's projection that investigations will increase sharply based on future overseas data is an estimate, not a confirmed outcome.

• The Block