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Points of Focus
- 240 UK taxpayers reported more than 1 million pounds each in crypto gains.
- 17,600 individuals declared 1.38 billion pounds in taxable crypto gains.
- HMRC will start receiving customer data from crypto service providers in 2027.
Britain has officially counted its crypto millionaires for the first time, just as the country’s tax authority prepares to gain significantly greater visibility into investors’ digital asset activity.
HM Revenue & Customs (HMRC) revealed that 240 people reported more than 1 million British pounds each in crypto asset capital gains during the 2024-2025 tax year. Together, they generated 717 million pounds in gains, representing more than half of the 1.38 billion pounds reported by all crypto taxpayers.
The disclosure marks the first time HMRC has published specific statistics on crypto capital gains following the addition of a dedicated crypto asset section to Self Assessment returns.
240 crypto millionaires account for half of gains
Across the UK, 17,600 individuals reported crypto asset disposals subject to capital gains tax during the period.
Those taxpayers recorded 13.8 billion pounds in total disposal proceeds and 1.38 billion pounds in taxable gains, equivalent to an average gain of roughly 78,000 pounds per person.
240 people in the UK became millionaires from crypto last year pic.twitter.com/iUolSM2acM
— Crypto Tea (@Cryptotea) August 27, 2026
The gains were highly concentrated at the top. The 240 people reporting more than 1 million pounds each accounted for approximately 52% of all declared crypto gains.
HMRC’s figures also revealed a significant gender divide: Around 87% of individuals reporting crypto gains were men, compared with 13% who were women.
HMRC crypto tax crackdown intensifies
The numbers arrive as the UK strengthens its ability to detect investors who fail to report crypto activity.
Britain began implementing the Organisation for Economic Co-operation and Development’s Cryptoasset Reporting Framework (CARF) in January 2026. Under the regime, crypto service providers must collect and report customer and transaction information to tax authorities.
BREAKING: The government will know how much crypto tax you owe!
Tomorrow, HMRC will publish its first-ever crypto tax figures, revealing:
– How many people reported crypto gains
– The total value of crypto sold
– The gains declared after lossesSince January 2026, CEXs have… pic.twitter.com/mSdndLUyrY
— DeFi Warhol (@Defi_Warhol) August 26, 2026
HMRC expects to start receiving that data from 2027, allowing it to compare information supplied by crypto companies against taxpayers’ declarations and potentially identify undeclared gains and income.
Providers that fail to meet their reporting obligations could face penalties of up to 300 pounds per user.
HMRC said its existing crypto compliance and education initiatives generated an additional 168 million pounds in capital gains tax during 2024-2025.
Crypto investors face wider tax reporting requirements
Crypto taxation extends beyond simply selling Bitcoin or other tokens for pounds.
Capital gains tax can apply when investors sell crypto, swap one token for another, spend crypto on goods and services, or give assets to another person outside certain exemptions.
Meanwhile, crypto earned through employment, mining, staking, or lending may instead trigger income tax and national insurance obligations.
🚨𝟮𝟰𝟬 𝗧𝗔𝗫𝗣𝗔𝗬𝗘𝗥𝗦 𝗟𝗢𝗚 𝗠𝗜𝗟𝗟𝗜𝗢𝗡‑𝗣𝗟𝗨𝗦 𝗖𝗥𝗬𝗣𝗧𝗢 𝗚𝗔𝗜𝗡𝗦!
In the 2024‑25 tax year, 240 UK individuals each reported crypto capital gains exceeding £1 million (about $1.36 million).
Together they contributed £717 million to the total £1.38 billion… pic.twitter.com/AG6AZooplZ
— Rahul K (@iamrahulinc) August 28, 2026
The growing reporting infrastructure could make undeclared activity increasingly difficult to hide.
HMRC has urged investors with unpaid liabilities to use its Crypto Disclosure Service, while taxpayers with reportable gains for 2025-2026 face a Self Assessment deadline of Jan. 31, 2027.
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