HM Revenue and Customs has published its inaugural dedicated statistics on cryptoasset capital gains, showing that 17,600 UK taxpayers reported taxable disposals during the 2024-25 tax year. The figures, released as part of the annual Capital Gains Tax statistics, mark the first time crypto transactions have been separated from general capital gains reporting.

Total taxable gains reached £1.38 billion on disposal proceeds of £13.8 billion. The average gain per individual stood at £78,000. A concentrated group of 240 taxpayers each declared more than £1 million in gains, collectively reporting £717 million—more than half of the overall total despite representing fewer than 2% of those who filed.

First Dedicated Reporting Channel

The 2024-25 tax year was the first in which Self Assessment returns included a specific section for cryptoasset capital gains. Previously, such disposals were reported within broader capital gains categories, preventing a clear breakdown. Disposals subject to Capital Gains Tax include selling cryptoassets, exchanging one for another, using them to purchase goods or services, or transferring them outside certain exempt arrangements.

HMRC noted that the statistics cover only individuals who made disposals liable to Capital Gains Tax. They do not capture all crypto holders or every transaction. Income from activities such as mining or staking continues to be reported under existing Income Tax rules rather than the new capital gains section.

Compliance and education efforts related to cryptoassets generated an estimated additional £168 million in Capital Gains Tax during the year. Taxpayers with gains above the applicable allowance for the following tax year must report them through Self Assessment and settle any tax by 31 January 2027.

Demographic Profile of Crypto Taxpayers

Those reporting crypto gains differed markedly from the wider capital gains population. Around 87% were men and 13% were women. Men accounted for 93% of the total gains. Age patterns also stood out: 54% of crypto taxpayers were aged between 25 and 44, compared with 17% of capital gains taxpayers overall, while 81% were 54 or under.

Younger filers generated a disproportionate share of activity. People aged 25 to 44 accounted for 71% of disposal proceeds but only 45% of the gains. At the lower end of the scale, 65% of those reporting crypto gains declared less than £25,000 each; together they represented just 7% of total gains and 8% of proceeds.

Crypto remained a relatively small portion of overall capital gains activity. Total capital gains across all assets reached a record £127 billion in 2024-25, producing £24.2 billion in tax. HMRC cannot isolate the precise tax yield from crypto because liabilities are not separated by asset type at the main rates.

Rising Enforcement and Future Data Sharing

The release of the figures coincides with expanded compliance activity. Accountancy firm UHY Hacker Young reported that HMRC issued approximately 81,000 warning letters—known as nudge letters—to individuals suspected of underpaying tax on crypto activity over the previous 12 months. The volume was 25% higher than the prior year and nearly three times the number sent in 2023-24.

These letters encourage recipients to disclose any unpaid tax before formal investigation begins. The firm linked the increase to suspected shortfalls from trading during the market rally that ran from late 2022 into 2025.

HMRC’s access to information is set to expand significantly under the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework. The United Kingdom began implementing the framework in January 2026. Service providers will be required to report customer details and transaction data, with HMRC expected to start receiving that information in 2027.

The framework aims to allow tax authorities to cross-check declared income and gains against activity reported by platforms. Providers that fail to comply face penalties. Similar automatic exchange arrangements are already taking effect in other jurisdictions, including the European Union under related reporting rules.

HMRC has stated that the additional data will help identify undeclared crypto gains once information flows begin arriving from participating service providers. Taxpayers remain responsible for correctly reporting disposals and paying any Capital Gains Tax due under existing rules.